James M. Buchanan, a Nobel laureate in economics — and my former colleague and now professor emeritus at George Mason University — argued that deficit spending would evolve into a permanent disconnect between spending and revenue, precisely because it brings short-term gains. We end up institutionalizing irresponsibility in the federal government, the largest and most central institution in our society. As we fail to make progress on entitlement reform with each passing year, Professor Buchanan’s essentially moral critique of deficit spending looks more prophetic.
We are fooling ourselves most of all. United States government debt in public hands is now more than $9 trillion, but most people still don’t realize what it will take to pay that off.
http://www.nytimes.com/2011/03/06/business/06view.html?_r=1&ref=todayspaper
When will the tipping point come - will we reach a "stop the madness, stop borrowing tipping point" in the population before we find the point at we recognize we're in the death spiral - a la Greece?
We are fooling ourselves most of all. United States government debt in public hands is now more than $9 trillion, but most people still don’t realize what it will take to pay that off.
http://www.nytimes.com/2011/03/06/business/06view.html?_r=1&ref=todayspaper
When will the tipping point come - will we reach a "stop the madness, stop borrowing tipping point" in the population before we find the point at we recognize we're in the death spiral - a la Greece?
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