[Winetalk.com]

ok, ok,
I'll do it for you, as I have nothing better to do at 6 am
;-))

http://www.econlib.org/library/Enc/FederalDeficit.html

Yet, there is very little correlation between budget deficits and interest rates, saving and investment rates, or productivity growth rates.

Other economists, who worry about deficits, claim that the correlation between the deficit and other economic variables is so low because the deficit has been defined incorrectly. Two such economists are Robert Eisner (see Federal Debt) of Northwestern University and Stanford's Michael Boskin, chairman of the President's Council of Economic Advisers under George H. W. Bush. They point out that the government's official debt measures only the government's liabilities. It completely ignores the government's assets. Using the government's debt figures to assess its financial position is, in their view, akin to calling the owner of a $1 million property a debtor because he has a large mortgage on the property. These and other economists also fault the conventional deficit measure for failing to correct for inflation.