James K. Galbraith continues the Galbraithian tradition begun by his late father of economic ignorance, promotion of fallacies, and all-around stupidity in his recent article in (What else?) The Nation. “In Defense of Deficits” sets a new low, even by Galbraithian standards. Here is a jewel: For ordinary people, public budget deficits, despite their bad reputation, are much better than private loans. Deficits put money in private pockets. Private households get more cash. They own that cash free and clear, and they can spend it as they like. If they wish, they can also convert it into interest-earning government bonds … Continue reading James K. Galbraith: An Economic Illiterate Like His Father