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)
AUGUST 02, 2011 by NICHOLAS SNOW
Keynesian "economists" push a second stimulus
JULY 15, 2009 by WILLIAM ANDERSON
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.
DECEMBER 04, 2007
"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