Fixing the Right Hole
It is not fear of government bankruptcy, but governments’ determination to balance their budgets, that is reducing business confidence nowadays by lowering expectations of employment, incomes, and orders. The problem is not the hole in the budget; it is the hole in the economy.
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LONDON – The “laws of holes” are as unforgiving as the laws of physics. If you find yourself in a hole and want to get out, the first thing you do is to stop digging. If you confront a number of holes to fix and want to know which to fix first, you choose the one which poses the greater danger. These laws are particularly true when applied to government finance.