Do US Budget Deficits Matter?

(1) Swelling deficits are baked in the cake. (2) How to avoid shutting down the government: Spend more! (3) US budget deficit goes from automatic stabilizer to late-expansion booster. (4) Social Security trust fund is an accounting fiction. (5) From surpluses to deficits as the Baby Boomers retire. (6) Lots of retiring old NILFs. (7) Fed’s balance-sheet tapering adding to supply of Treasuries. (8) A report full of mumbo-jumbo about a fake trust fund. (9) So why aren’t bond yields higher? (10) Don’t go with the flows.