There is a long tradition of economists writing Open Letters to the media in support or in opposition to some government policy stance. The conservatives write them. The so-called progressives write them back. Usually around election times. Often the underlying economics supporting the arguments is difficult to differentiate given they both seek to comment on budgets and fiscal policy. In that context, the differences become matters of degree rather than substance. So the progressives usually take a deficit-dove position where they consider deficits are good sometimes but the budget needs to be balanced over some business cycle. In that sense, the progressives are not different to the more reasonable conservative economists. Neither position is correct and the continual repetition that deficits are only useful in times of recession demeans the public debate. The public ignorance about monetary matters and the role of deficits is continually being reinforced by these letters. Better to tell the truth I think – as long as you know what it is!