Getting the economy back on its feet is properly viewed as an investment in future prosperity. When businesses and consumers confront attractive investment opportunities, often the only way to seize them is by borrowing. The same is true for government. Contrary to the pronouncements of critics of economic stimulus, these investments will not impoverish our grandchildren. Continuing to allow the economy to languish in recession is the surest way to impoverish them.

John Stuart Mill believed that the only acceptable reason for government to limit a person's liberty was to prevent him from causing unacceptable harm to others. Mill was not a libertarian, but many libertarians are quick to cite this principle when arguing against a regulation that they oppose. And I believe most thoughtful libertarians are prepared to embrace something fairly close to Mill's harm principle. But accepting that principle implies accepting many of the institutions of the modern welfare state that libertarians have vigorously opposed in the past, such as safety regulation.

One reason that might motivate a worker to accept a riskier job at higher pay, for example, would be that doing so would enable him to bid more effectively for a house in a better school district. But if other workers did likewise, none would achieve the goal they were striving for.

We're in a classic demand-shortfall recession. There aren't enough jobs because total spending is too low. Consumers won't lead the way because they're busy paying down debt and are fearful they'll lose their jobs, if they haven't already. Businesses, which are currently sitting on mountains of cash, won't spend either, because they already have sufficient capacity to produce more than people are willing to buy.

Getting the economy back on its feet is properly viewed as an investment in future prosperity. When businesses and consumers confront attractive investment opportunities, often the only way to seize them is by borrowing. The same is true for government. Contrary to the pronouncements of critics of economic stimulus, these investments will not impoverish our grandchildren. Continuing to allow the economy to languish in recession is the surest way to impoverish them.

We could curtail private spending by several trillion dollars a year without requiring painful sacrifices from anyone. That would be more than enough to rebuild our crumbling infrastructure and eliminate government indebtedness once and for all.

Rising inequality hasn't really accomplished anything of value for its ostensible beneficiaries, the top one percent. They've all built bigger mansions and staged more lavish parties. But in so doing, they've simply raised the bar that defines what's considered adequate in these categories.