I don't know. But since we're under 40, it's not the thing to worry about. A one-time bump up is no problem. A continuous increase in share could be a problem
>> All respect to O'Connor, but we could just as easily say higher
>> public spending made possible by borrowing increases the command of the public sector over economic output.
>
>Taxing increases the public sector's command over output. Borrowing eventually makes your creditors powerful, unless you're talking about deficits that they're the rough equivalent of balance.
If holders of debt are powerful, wouldn't they prefer their borrower -- the Gov -- borrow less? But then wouldn't that make them less powerful? Why don't lenders call for higher taxes and lower deficits, reducing interest rates and bringing capital gains to bondholders?