Debt accumulates systematically because of partisan politics: liberal parties know debt is bad but spend now because they may lose control later, while conservative parties cut taxes and increase debt through the back door, so whoever's in power uses their time in office to lock in spending while they control the levers.

causalpending

Speaker

Kenneth Rogoff

Evidence Quote

“when the liberal parties in power they know that debt is bad but they know they can spend now”

Source

Kenneth Rogoff on Monetary Moves, Fiscal Gambits, and Classical Chess | Conversations with Tyler— Mercatus Center
Created: 8/11/2026, 7:10:38 AM

My Notes

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