… is from page 399 of The Thomas Sowell Reader (2011):
The national debt is the ghost of Christmas past.
DBx: Yep.
It’s unsurprising that ‘progressives’ have no problem with deficit financing of government spending; ‘progressives,’ after all, are all about spending other people’s money and denying that scarcity is a universally binding constraint.
It is, however, surprising that a number of conservatives and free-market advocates have no problem with deficit financing of government spending. Even if, contrary to fact, the U.S. government will never face a serious fiscal crisis, deficit financing enables excessive and wasteful government spending because it allows citizens-taxpayers today to spend the money of citizens-taxpayers tomorrow.
