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LETTER: The U.S. debt and common sense

I may be a bit slow, but I wish Guy Heston would have clarified his definition of common-sense economics (Saturday letter). Could Mr. Heston be an adherent of the Paul Krugman/Modern Monetary Theory school of thought? This is the theory that there is no downside to a continued acceleration of borrowing to fund wish lists. Not to pay “bills,” but to fund, with borrowed money, the non-stop growth of the Ministry of Efficiency.

Close to $400 billion, about 6.8 percent of our national budget, goes to service debt. That’s more than we spend on elementary and secondary education, and countless other essential programs.

cIt’s unfortunate so many practitioners of common-sense economics seem to think none of that matters.

The bill will, in fact, come due, Mr. Heston. I suppose someone down the road — my children for example — will get to take care of it. So please go to the Macy’s credit department and discuss your thoughts on common-sense economics.

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