Robert P. Murphy is author of "The Politically Incorrect Guide to Capitalism." His blog is "Free Advice."
"We shouldn’t accept the premise that the government owns the entire economy; hence “GDP” should not be considered the government’s “income” in a given year. If we’re going to pick a specific number, the proper analog would be federal receipts."
"Even if it were true that a private corporation would take on more debt, if it were currently wearing Uncle Sam’s shoes, that alone wouldn’t be sufficient to seal the argument. This is because government debt involves present citizens living at the expense of future taxpayers, who may not even be alive yet to argue about the decision."
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