The title of this column is an exaggeration. What we’re really going to do today is explain the main things you need to know about government debt. We’ll start with this video from Kite and Key Media, which correctly observes that entitlement programs are the main cause of red ink.
I like that the video pointed out how tax-the-rich schemes wouldn’t work, though it would have been nice if they added some information on how genuine entitlement reform could solve the problem (as you can see here and here, I’ve also nit-picked other debt-themed videos). Which is why I humbly think this is the best video ever produced on the topic.
As you can see, I’m not an anti-debt fanatic. It
was perfectly okay, for instance, to incur debt to win World War II.
But I’m very skeptical of running up the nation’s credit card for routine pork and fake stimulus. But my main message, which I’ve shared over and over again, is that deficits and debt are merely a symptom. The underlying disease is excessive government spending. And that spending hurts our economy whether it is financed by taxing or borrowing (or, heaven forbid, by printing money)....................To Read More.....
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