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defeating domville. jared bernstein joins us and josh bauer row, a columnist for the bloomberg view. mr. penny does not seem to advocate the cutting of government services. jared, if you were mr. penny s adviser would you by telling him the biggest threat is debt? is that economically true? it s not the case, though i m not sure what i would be telling mr. penny, because i ve never advised a coin before, but, no, the the debt is in the mid 70s, around 75%, a share of gdp. that s a lot higher than a few years ago. but there s a reason for that, because we had the great recession, and we needed to engage in some deficit spending to offset that demand