Overview

Throughout our history Americans have embraced the myth that our national debt is immoral and destructive.This deeply rooted belief goes back to our Founding Fathers: Jefferson excoriated debt as ""the greatest of dangers to be feared."" Andrew Jackson demonized debt as ""a national curse."" Current political leaders continue to endorse this negative view of our national debt. Obama said that incurring debt was ""irresponsible"" and ""unpatriotic."" John McCain condemned it as ""generational theft."" In this book, the prize-winning economics professor Arthur Benavie, demonstrates in clear and non-technical language that belief in this myth has repeatedly blocked our federal government from creating jobs and investing in our children's future.Benavie describes the many occasions, including from the administrations of FDR to Obama, where our leaders were faced with severe political retribution at the mere suggestion that their policies would increase the national debt.Belief in this myth presents a continuing danger to the wellbeing of our children and grandchildren. Benavie examines several ways to disempower it.

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9781685622909

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Arthur Benavie received a PhD in economics from the University of Michigan. From 1967 to 2019, he taught at the University of North Carolina at Chapel Hill. He passed away on April 11, 2022. Benavie was widely acknowledged as a master teacher and over the years was honored with several teaching awards for his excellence in undergraduate teaching. He published numerous research papers in the area of macroeconomic theory and policy. He also published several books for the general public, including Deficit Hysteria; Social Security Under the Gun; Drugs: America's Holy War; and How the Drug War Ruins American Lives.

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