Daniel W. Drezner: Introducing... the Cassandra Scale!!:
Glenn Hubbard and Tim Kane have an op-ed in today's New York Times about the dangers of mounting levels of U.S. government debt and Why Something Must Be Done About It. This appears to be a spin-off from their book, Balance: The Economics of Great Powers from Ancient Rome to Modern America. Now your humble blogger has heard variants of this argument again and again and again and again and again and again and again…. In fact, I've heard it so many times that I have now developed the proprietary ten-point Cassandra Scale to measure the extent to which each individual author hits the erogenous zones of austerity advocates and chattering classes…. So, tallying up the figures, Hubbard and Kane's op-ed gets a seven on the Cassandra Scale. Very respectable. Not Niall Ferguson-level hysteria… but respectable. Readers are encouraged to apply the Cassandra scale to past and future debtist arguments to see how well they score. It's easy and fun!