You Don’t Understand the Debt

So-called “fiscal responsibility” is one of the most enduring sacred cows of American politics. Politicians across the spectrum work hard to protect their image as sound fiscal stewards. Republicans have tried (and failed) to pass several balanced budget resolutions to ensure the Federal Government’s revenues match or exceed its expenditures. Obama promised to tighten our belts in the wake of the Global Financial Crisis so as not to burden future generations with suffocating tax liabilities. Even Bernie Sanders claims to be a fiscal conservative and concedes that tax increases would be required to fund…