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Kling on Krugman on Debt

Tweet [1]

Without mentioning Jim Buchanan, Arnold Kling succinctly captures and reveals the essence of Jim’s powerful case against the Keynesian/Krugmanian assertion that internally held government debt is no real burden on citizens [2].  (HT James Pethokoukis)

Unwise aggregation is always blinding, and never more so than on the question of the burden of government debt.