"Fiscal policy needs a hypothetical stress test, just like bank capital. Let's be optimistic and suppose that the deficit projections do hold, and that a debt ratio of 80% can be comfortably supported at full employment. What happens when we enter the next recession with debt at that level? Assume another really serious downturn, and another 30-odd percentage points of debt. Worried yet? That's why the problem won't wait another ten years, and why sort-of-stabilising at 80% won't do," - Clive Crook, who believes, as I do, that being president means occasionally leading the country away from a fiscal abyss.

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