Our public debt as a percent of GDP is steady but Government borrowing will have to dramatically increase if we do not reduce spending growth. Increasing taxes is not the answer as it will reduce the growth in the economy.
Milton Friedman: “ There are four ways to spend money:
Your money on yourself: you care about price and quality.
Your money on others: you care about price.
Others’ money on yourself: you care about quality.
Others’ money on others: you care about nothing.
Government spending is the 4th.