The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.

Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.

To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He was asked what he was looking for. He said "I lost my watch."

The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.

Nearly all educational expenditure should be considered a capital outlay. Education provides a future return in the form of enhanced taxable income and an enhanced quality of life.

The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.