I’ve been getting a lot of correspondence lately that runs something like this:

You’re an idiot. Give me one example in all of history of a country that spent its way out of a depressed economy

Ahem. There’s this country - people may not have heard of it - called the United States of America:


The blue line is total debt, public plus private, in billions of dollars; the red line debt as a percentage of GDP

From A Far Away Country Of Which We Know Nothing - NYTimes.com

But the axioms say it isn’t possible! How could this ugly facts be true when my beautiful theory says it is false?