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June 12, 2012 at 11:45 am #15683
What if the state borrowed today and then in the future it defaulted on the debt and no taxes were extracted and no bondholders were paid. Wouldn’t the burden of the debt be the same today as in the case where the state taxes some people in the future to pay other people? And isn’t this present burden the main answer to the claim that the debt doesn’t matter because “we owe it to ourselves”?