Quoting George’s link:
The classical economists and many modern day political economists argue that due to the negative consequences of “juggling” we need to establish binding rules that curtail such behavior on the part of governments. Keynes, or more accurately Keynesians, broke with this tradition of constraining public authorities and binding them by rules. They opted instead to embrace the juggling with theory and train generations of economists as social engineers to be master jugglers. But for all their “mastery” we are right here—bankrupt.
If you believe official public accounting, we are $16 trillion in debt. If you look at the work on intergenerational accounting by Laurence Kotlikoff, the fiscal gap is far greater—roughly $211 trillion. Promissory government has resulted in a bill that there is simply no way to pay without crippling our economic future.
Roughly $211 trillion in debt — yet more proof of my theory that word “trillion” portends more bad news for the American people.
I recall Newsweek’s increasing reverence for their master juggler:
