Debt, Deficits and the Cost of Free Lunches | WHAT REALLY HAPPENED

Debt, Deficits and the Cost of Free Lunches

By Richard M. Ebeling

It seems that every generation or two, fundamental economic ideas are questioned and challenged. The reasonable and important idea that governments should balance their budgets on an annual basis was challenged in the 1930s by the rise of Keynesian Economics and the counter-argument that deficit spending was desirable, if it was used to maintain full employment. Now it seems that any defense or desire for fiscal restraint and less government spending and borrowing are entirely out the window. Fiscal folly is the watchword of the day...

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