A Balance-Sheet Approach to Fiscal Policy
Current fiscal-policy debates are based on flawed thinking about debt. It is time to stop focusing on nominal debt-to-GDP ratios, and instead promote a long-term balance-sheet-oriented approach to public spending.
https://prosyn.org/PhpVcFf
WASHINGTON, DC – Everyone is talking about debt, citing huge nominal figures that strongly affect public-policy debates worldwide. But all debt is not created equal.