>>There are strong consensuses about some aspects of those problems, however, especially regarding the benefits of using government debt to finance stimulus pro

>>There are strong consensuses about some aspects of those problems, however, especially regarding the benefits of using government debt to finance stimulus programs as part of a counter-cyclical action against a recession. There is no consensus that counter-cyclical stimulus is beneficial, outside of those economists already committed to central economic planning of the money supply. Basic economic theory tells us that spending directed by political forces is likely to be less efficient than spending directed by market forces. Counter-cyclical stimulus uses future earnings of the private sector to pay for current government spending, so assuming all other factors remain equal, the price is less market-directed spending. Moreover, counter-cyclical stimulus interferes with the development of the natural corrective processes of a free market, because it means those who saved cash during the credit bubble have less opportunity to buy up assets when the bubble pops. By reducing the capital allocated to this group, you reduce their future influence on the economy, which would have the effect of reducing the magnitude of bubbles, and with it, economic volatility.