Correction--Posner

There is a mistake in my blog post of today. I wrote:

"At 2 percent, the annual cost of borrowing $1 trillion is only $200 billion. That is a large number, obviously, but only about half would be borrowed abroad, and $100 billion is a small fraction of the annual federal budget."

 This should read: "At 2 percent interest, the annual interest cost of borrowing $1 trillion is only $20 billion. That is a large number, obviously, but only about half would be borrowed abroad, and $10 billion is a tiny fraction of the annual federal budget."

I apologize for the error.

 

 

 

 

 

 

 

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