Stop Deficit Spending—Debt Reduction Follows Naturally

All libertarians agree: federal budget deficits must come to an end. But what comes after a balanced budget? How should libertarians handle the national debt?

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

We often read of a variety of schemes put forward by pundits and politicians as a good way to pay down the national debt, even while ignoring the fact the federal government continues to rack up trillions more in debt every year.  For example, Jonathan Russo at The Hill last year insisted that it is very important to pay off the debt, and said a good way to do this is to “Eat the Boomers.” More specifically, Russo says the US government should raise taxes on people born between 1946 and 1964.

(In truth, the plan consists of little more than taxing away the inheritances of people born after 1964, and giving that money to the federal government.)