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Thu Jan 21 2016, 6:00 pm

DEBT AND TAXES: Why Federal Deficits Do Not Create Debts and Taxes Are Too Low

 Is the government too big or too small?

 Do we pay too much taxes, or not enough?

 Why is the “national debt” not a debt at all, but an asset.

The American public sector is not too big: it is too small. Moreover, when we starve the public, we starve ourselves. Neither are we currently living beyond our means and threatening to crush our children and grandchildren beneath a mountainous burden.

The so-called national debt is not a debt: it is an asset. It should be bigger, not smaller. If it were, we would all be better off.

In this last session of the Labor Lyceum economic series, we will challenge the economics of austerity with the economics of prosperity.