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By Kiely (registered) | Posted April 30, 2013 at 18:06:51 in reply to Comment 88274
Debt and deficits a strawman? Hardly. Krugman? He may in fact be used by the media for strawman creation, I’ll give you that.
Krugman is a Kenysian who flunks out on his chosen economic theory. Keynes did not believe governments could simply accumulate debt forever. That is just nonsense, you can't, I can't, and our governments can't Ryan. The current economic reality in Europe is proving that.
Someone someday has to pay it all back or you end up with sizeable portions of revenues just servicing debt. Currently in Canada just our federal debt obligation is ~$30 Billion a year, that money has to come from somewhere, it doesn't just grow on trees and the more debt you have that is more money from revenues transferred to debt payment that could be used for, much better purposes... Like LRT.
Sensible and timely investment by government is of course needed to be competitive, to create jobs, maybe even to buoy the economy in tough times (if you prescribe to that thinking) but we have been racking up public-debt irresponsibly and almost non-stop for decades while decreasing the revenue sources available to service the debt. That can't continue, no matter what a lying-turd like Krugman has to say about it.
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