Briefly summarize the key theoretical views on the national debt: Keynesian and Classical.

Discuss the long-run costs of having high national debt.

Discuss the pros and cons of eliminating budget deficit:

- solely through a personal tax increase

- solely through a cut in spending via a decrease in transfer payments (Social Security, Medicare, and Medicaid, etc.) and a decrease in discretionary spending (such as defense and education budgets, for example).

Conclusion

References