DonM
2012-01-28 20:26:28
Debt should not be compared to income, but rather to assets.
Unfunded liabilities are, like entitlements, a myth. Any legislature can change the terms of an entitlement. Any legislature can change the value of money, so that funds paid back are worth less.
The problem is if that approach is taken, private parties change the way they act. This is an old story. Emperor Diocletian complained that when he debased the coinage by substituting lead for silver, that his suppliers increased their prices. He thought it unfair.
