Thomas Ferguson appeared on The Real News Network today. He says deflationary impact starts in October, to the tune of about $300 billion. And as for those defense cuts being meaningful….well, now we know.
If you haven’t read Tom’s Right Turn: The Decline of the Democrats and the Future of American Politics or Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems I highly recommend them. Tom saw it all coming a long time ago, perhaps more clearly than anyone.
h/t Yves Smith