If deficits and debt don't crush us, the rhetoric about them will.

One result of the midterm elections is likely to be strident political focus on federal budget deficits and national debt. Also, Obama's bipartisan deficit commission is charged with proposing a plan by December 1 to eliminate the budget deficit.  So, today I'm creating a new category, Fiscal Deficits, and starting to prepare myself for the onslaught of misinformation.  Something that's likely to be useful on several future occasions is this post today by Bruce Webb.  He links to quantitative information about the current federal debt and who holds it--China, the Fed, and others--and provides some ways to think about how much is too much.  Bruce is also an expert on Social Security finance, which also makes AngryBearBlog worth following.   

Update on Wednesday, December 1, 2010 at 08:07PM by Skeptic

By the way, a post-election poll shows that the public doesn't care much about deficits.  An overwhelming majority say the top priority should be the economy and jobs.