Oddbean new post about | logout
 This doesn't address the problem, which is the spending that people DEMAND to begin with in order to vote for a politician.

The interest comes from the debt that the government incurs to pay for those roads, bridges, military, schools, hospitals and Social Security (and a ton of other crap)... without raising taxes to a sufficient extent... because the people wouldn't vote for them if they did.

(Actually I contend that, as we see in Europe, that's no longer the case nowadays and people will put up with effective confiscation rates of 60 and 70% of their income. Americans will too, eventually. But I digress).

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