But Washington isn’t just confused about the short run; it’s
also confused about the long run. For while debt can be a problem,
the way our politicians and pundits think about debt is all wrong,
and exaggerates the problem’s size.
Deficit-worriers portray a future in which we’re impoverished by
the need to pay back money we’ve been borrowing. They see
America as being like a family that took out too large a mortgage,
and will have a hard time making the monthly payments.
This is, however, a really bad analogy in at least two ways.