Texas Tech University

Americans should sound the alarm on national debt to presidential candidates

Dallas Morning News

October 5, 2016

Dallas Morning News - Adam Smith, the father of economics, is chiefly remembered for explaining how specialization and the division of labor create wealth. But his magisterial Wealth of Nations contains dozens of other insights that transcend the author's context and speak to today's most crucial public issues. The direst is what Smith calls the "juggling trick," when governments take on unsustainable levels of debt, use political tricks to hide the true magnitude of the problem and repeat for as long as they can get away with. As the recent debate shows, neither Hillary Clinton nor Donald Trump has a solution to the looming U.S, fiscal crisis.

Column author Alexander William Salter is an assistant professor of economics at Texas Tech University and a research fellow with the Free Market Institute.

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