January 1, 1970

Public Debt in a Democratic Society

  • Richard Wagner

    Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
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The authors conclude that a deliberate policy of systematic repayment of national debt from tax-financed budgetary surpluses seems beyond the realm of current political plausibility. They predict that at the national level the U.S. will probably continue to experience budget deficits more or less continuously as it has over the postwar years. This means a gradual increase in both the nominal size of the national debt and in the real obligation that the debt represents.

Find the book at AEI.org.