I am in favor of Federal deficits, if the alternative is higher taxes. I am in favor of lower taxes, even if these lead to higher deficits. I think the Federal government will not cut spending for any reason but one: bankruptcy. So, as long as the beast is going to spend money, it might as well raise it by borrowing. Let the people who trust the government wind up as creditors to the government. When the government defaults, one way or the other, those hurt most will be those who trusted politicians the most. This is as it should be. There is a kind of raw justice in the arrangement.

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