On Feb 12, 2008, at 2:53 PM, Max B. Sawicky wrote:
> Borrowing is just displacement of tax payments to a different time
> period.
That never arrives, if you're always running deficits. And if you're running constant deficits, the debt and debt service burdens are going to rise inexorably. And as Jim O'Connor said somewhere, public debt increases capital's power over the state.
Doug