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Krugman: The Burden of Debt, Again Again

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US debt after World War II. The government emerged from the war with debt exceeding 100 percent of GDP; because there was almost no international capital movement at the time, essentially all that debt was owned by domestic residents, with a sizable fraction consisting of savings bonds bought by individuals.

Now, here's the question: did that debt directly make America poorer? More specifically, did it force America as a whole to spend less than it would have if the debt hadn't existed?

The answer, clearly, is no. Yes, American taxpayers had to pay the interest on that debt. But who received that interest? American taxpayers.
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At krugman.blogs.nytimes.com

 

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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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