Andrew Tobias on the national debt

Paul Krugman has been beating this drum again and again and again ... but sometimes you need a fresh perspective on the same point of view.

Andrew Tobias provides this in his latest column. Here’s an excerpt.

I don’t usually use farm analogies, but here’s one.  Let’s say the previous farmer left his equipment out in the rain and snow for decades so it froze, cracked, and rusted . . . even as he borrowed like mad to finance an unnecessary range war and lavish gifts to his richest friends, all the while neglecting the need for crop rotation.  Over the years, he ran up big losses and an enormous debt.  Okay?  Now you’ve just been handed the deed to the farm.  The underlying assets are outstanding – fertile soil and a talented local labor force.  So what do you do?  To right things, do you (a) fire the one mechanic who can actually keep one of the tractors running; stop buying feed for the chickens (you raise chickens); and eschew the additional debt you’d have to take on to buy seeds and plant the summer crop?  Or do you (b) stop giving your richest friends lavish gifts, make peace with the cowmen, and borrow enough to plant the crop and get the farm running efficiently?