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We also hear, from the same people, about the impending “bankruptcy” of Social Security, Medicare—even the United States itself. Or of the burden that public debts will “impose on our grandchildren.” Or about “unfunded liabilities” supposedly facing us all. All of this forms part of one of the great misinformation campaigns of all time.
The misinformation is rooted in what many consider to be plain common sense. It may seem like homely wisdom, especially, to say that “just like the family, the government can’t live beyond its means.” But it’s not. In these matters the public and private sectors differ on a very basic point. Your family needs income in order to pay its debts. Your government does not.
[…]
But no government can ever be forced to default on debts in a currency it controls. […] When Obama says, even offhand, that the United States is “out of money,” he’s talking nonsense—dangerous nonsense. One wonders if he believes it.
