Why We Should Never Pay Down the National Debt
Neil H. Buchanan
George Washington University Law School
University of Louisville Law Review, Vol. 50, 2012
GWU Legal Studies Research Paper No. 2012-56
GWU Law School Public Law Research Paper No. 2012-56
Calls either to balance the federal budget on an annual basis, or to pay down all or part of the national debt, are based on little more than uninformed intuitions that there is something inherently bad about borrowing money. We should not only ignore calls to balance the budget or to pay down the national debt, but we should engage in a responsible plan to increase the national debt each year. Only by issuing debt to lubricate the financial system, and to support the economy’s healthy growth, can we guarantee a prosperous future for current and future citizens of the United States.
Number of Pages in PDF File: 16
Keywords: National Debt, Deficits, Fiscal Policy
JEL Classification: E6, H6
Date posted: July 9, 2012 ; Last revised: July 19, 2012
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