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Public Debt

Money or credit owed by a central (or state or local) government to creditors foreign or domestic. The size of the public debt reflects how much of public spending is borrowed. Since government revenue comes mainly from taxation, public debt translates into future taxation.

 

Antony Davies - What are the Dangers of Too Much Debt (LearnLiberty.org)

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The Lowdown on Crude Keynesianism

Keynesian "economists" push a second stimulus

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As the economy goes south, we hear calls for a "second stimulus," most prominently from Paul Krugman, the Nobel-winning economist and New York Times columnist.

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Government Debt Hits $9.13 Trillion

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"Like a ticking time bomb, the national debt is an explosion waiting to happen. It's expanding by about $1.4 billion a day -- or nearly $1 million a minute. What's that mean to you? It means almost $30,000 in debt for each man, woman, child and infant in the United States." (USA Today, Tuesday)

You mean we don't owe it to ourselves?

FEE Timely Classic
"A $5 Trillion National Debt" by Hans F. Sennholz

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December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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