Kling on Krugman on Debt

Without mentioning Jim Buchanan, Arnold Kling succinctly captures and reveals the essence of Jim’s powerful case against the Keynesian/Krugmanian assertion that internally held government debt is no real burden on citizens.  (HT James Pethokoukis)

Unwise aggregation is always blinding, and never more so than on the question of the burden of government debt.

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