Of straws and camels

posted by
August 2, 2011
Zero Gov
by Kaiser Leib  
Posted in Commentary

"Here’s the problem: borrowing is only right when you can pay back your creditors. US policy is to fund our debt payments with additional debt. Tax revenues, even vastly increased tax revenues, cannot pay back the present debt. Growing that debt more slowly is not a solution; if the federal government can’t pay its bills without perpetual borrowing now, how is it supposed to pay those bills later? At some point, some creditors must be left holding the bag." (08/01/11)

http://zerogov.com/?p=2160  

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