Despite the oft-heard claims that current generations are stealing from future generations by running fiscal deficits, this author holds that both theory and evidence suggest that this is either not true or not knowable. Intergenerational justice is not an appropriate way to analyze fiscal issues. Now, in particular, such an analysis is misleading and damaging. Spending by the government helps to improve the economy, which encourages businesses to invest in future productivity, which is the only way to make future generations wealthier than their parents. This virtuous cycle is even stronger if the government's spending is itself used to invest in future productivity.
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Volume (Year): 52 (2009)
Issue (Month): 5 (September)
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