- July 1, 2016; Vol. 3, Number 7

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The National Debt: Five myths that will not go away

by Steve Lewit

When it comes to debt, most Americans hold a simple belief that debt is bad! After all, everyone knows that too much personal debt can wreck a household or business, and one should strive to pay off debt as soon as possible. While this is true for households and businesses, it not true when it comes to the U.S. national debt.

The incorrect application of the principles of household or business budgeting to government budgeting is so prevalent that it has and continues to fuel and perpetuate all kinds of myths about the national debt, myths that hold tremendous influence over decision making and policymaking. Myths are great for fiction, great for stories, but not great for running the business of America. In fact, adhering to these myths could be downright disastrous.

Americans have the choice of believing the hyperbole and incorrect assumptions contained in self-serving political and news-making rhetoric or believing the real data. As you will see, the real d

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