As the holiday season approaches, CEPR decided that the best gift we could give would be to offer a free Econ 101 class to all those in need. And since there are so many in need, we had a hard time deciding where to begin…
We decided to start with the deficit hawks, that group of powerful elites who have continuously misled the public, the press, and the policymakers on the true nature of U.S. debt (while also convincing millions of Americans that Social Security won’t be there for them”).
- Government debt is not a net burden to our children since our children will also end up owning the bonds;
- People who are upset about China and other foreign countries owning government debt should be yelling about the trade deficit, not the budget deficit. It is the latter that gives them the dollars they use to buy government bonds and other U.S. assets.
And, last but not least:
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This holiday season, help us send them back to school.
Thanks for your support,
Dean, Mark and CEPR Staff