Scott Grannis, who has a rare talent for making economics understandable: "The burden of our debt binge is already upon us because we have borrowed trillions of dollars to support consumption, rather than new investment. What matters in the future is how productively we spend the proceeds of future bond sales, not how we pay off the bonds we've already sold. We can make progress... if we can reduce federal spending relative to the size of the economy, since that in turn will reduce the ...resources we waste. Allowing the private sector to increasingly decide how to spend the fruits of its labors will likely improve the overall productivity and strength of the economy... We've got to get the government out of the way if we are to move forward..." Read it all.
[Thanks: BJS]
[Thanks: BJS]