The old government = household fallacy. A government is fundamentally different from a household because its spending is a significant percentage of its own in

The old government = household fallacy. A government is fundamentally different from a household because its spending is a significant percentage of its own income. Every time a dollar originally spent by the government changes hands in the economy, taxes are paid. Also, debt always has 2 sides: it is a liability of the government, but an asset of the lender, who is very often a citizen of the same country and whose offspring will inherit the claims.