A big group of former White House advisors is out with a new op-ed calling the deficit a “severe” problem that must be dealt with immediately.

In it they warn of a crisis that could “dwarf” the financial crisis of 2008.

Whether the argument is logical or not we won’t seek to debate here.

But here’s one indisputable fact. The deficit is purely the domain of yakkers and writers and people who go on TV, and people who like cocktail chatter.

Whe it matters — the market — there is no concern whatsoever. Despite plenty of information about impending doom, and math that everyone can see, nobody has any qualms about holding 30-year bonds. The same goes with Japan, where the yakkers have been predicting doom forever, as well.

The only place where there are fiscal crises are in countries like Ireland and Greece, which were lauded for their reforms just a fiscal and business reforms just a few years ago.

Quickly, a long-terrm look at 30-year yields. If you believe the market gets things right, generally, this is hard to argue with.