Right now, our government is running a massive deficit.  No problem, say Keynesians: we’re supposed to run deficits during economic contractions and surpluses during expansions.  Trouble is, it’s hard to kill a deficit (at least without raising taxes) without cutting spending. 

Bruce Bartlett has a great article out right now explaining why spending cuts are almost impossible.  That $7.5 trillion is going to come from increased taxes, whether we like it or not.

Update: Judge Posner and economist Gary Becker on why deficits matter.

-Michael