The authors explain what national debts and deficits are, and what
they are not. One thing they are not nearly as big as we think.
Another thing they are not is a burden on the shoulders of our
grandchildren. And one thing they are is a potential means of
financing economic growth. Heilbroner and Bernstein do not shrug
aside the debt and deficit. "The only remedy for our present
frightened state of mind," they write, "is explanations that are
simple but accurate, facts that will defuse unreasoning panic, and
arguments that will stand up under the most skeptical examination."
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