But debt / GDP is down?
Nope. Wrong. Krugman is an idiot.
Can I have my Nobel prize now?
RE: GDP is down.
GDP is UP According to this news:
EXCERPT:
US GDP revised up as consumer and state spending drives growth
The US economy grew faster than previously estimated in the third quarter, as consumer spending picked up and state and local governments added to growth for the first time in almost three years.
Growth in the three months to the end of September expanded at a 3.1pc annual rate, according to the Commerce Department’s final estimate. This was revised up from a previous estimate of 2.7pc and is a sharp improvement over its initial estimate of 2pc.
The revision reflected stronger consumer spending, which accounts for about 70pc of America’s economy. The government said spending grew at an annual rate of 1.6pc in the third quarter, above its previous estimate of 1.4pc.
The Commerce Department also revised up its estimate of spending by state and local governments to show a gain of 0.3pc - the first quarterly increase in three years. State and local governments had previously been slashing payrolls and other spending in the aftermath of the Great Recession.
Total government spending grew at 3.9pc annual rate last quarter, reflecting a surge in defense spending.
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