O'Reilly logo

A Nation in the Red: The Government Debt Crisis and What We Can Do About It by Murray Holland

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 1

A NATION IN THE RED

To contract new debts is not the way to pay old ones.

—George Washington

The United States through reckless management and spending by Congress has become A Nation in the Red, joining a large group of countries suffering through depressions caused by irresponsible governments. The use of debt by governments is a politically easy way out of increasing taxes that people do not want to pay. It is also a good mechanism to make the economy appear as though it is growing fast when, in fact, it is not. When government borrowing is accompanied by borrowing by the private sector, a robust economy can develop that includes housing and stock market price increases, income increases, tax receipt increases, and so on. This phenomenon ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required