A Blindspot in Catholic Social Teaching: Generational Theft
By Michael Pakaluk Search the Catechism, the Compendium of Catholic Social Doctrine, indeed the entire Vatican website – search all you want – for teaching about what we call the "national debt." You will not find it. You can find teaching about the debt that poorer nations owe to wealthier nations, "foreign debt," but not about the debt that a government accumulates through financing deficits. Some background: Each year the U.S. federal government spends roughly $2 trillion more than it takes in and issues bonds to finance this deficit. Each year's deficit, when not repaid, gets added to the…
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