Federal Debt Is Fraying the Political Fabric

Arnold Kling, The American
“The debt we create is basically money we owe to ourselves, and the burden it imposes does not involve a real transfer of resources,” Paul Krugman wrote recently in “Debt Is (Mostly) Money We Owe to Ourselves.”“That’s not to say that high debt can’t cause problems — it certainly can. But these are problems of distribution and incentives, not the burden of debt as is commonly understood…. talking about leaving a burden to our children is especially nonsensical; what we are leaving behind is promises that some of…

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