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Economist Dean Baker has a fascinating post at the CEPR blog entitled “A Tale of Two Deficit Charts.” In it, he explains how both Repubs and Dems have been guilty of promoting misleading stories on the origins and future of the federal deficit. The real culprit, Baker argues persuasively, was/is the collapse of the economy that was precipitated by the bursting of the housing bubble.

 Here is the excellent conclusion: Read More