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In a paper presented over the weekend at the meeting of the American Economic Association, Mr. Rubin and his co-authors Peter Orszag of the Brookings Institution and Allan Sinai of Decision Economics argue along lines that will be familiar to regular readers of this column…

“Substantial ongoing deficits,” they warn, “may severely and adversely affect expectations and confidence, which in turn can generate a self-reinforcing negative cycle among the underlying fiscal deficit, financial markets, and the real economy. . . . The potential costs and fallout from such fiscal and financial disarray provide perhaps the strongest motivation for avoiding substantial, ongoing budget deficits.” In other words, do cry for us, Argentina: we may be heading down the same road.

J.’s sense of private and public was filled with these kinds of contradictions: he wanted his posts to be read, and feared that people would read them, and hoped that people would read them, and didn’t care if people read them. He wanted to be included while priding himself on his outsider status. And while he sometimes wrote messages that were explicitly public — announcing a band practice, for instance — he also had his own stringent notions of etiquette. His crush had an online journal, but J. had never read it; that would be too intrusive, he explained.