Credit Clinton when he said "The Era of Big Governemnt is over" and unlike under Reagan, the Congress Cut Spending every which way under Clinton. Newt Gingrich takes some credit for that good or bad but the nation was in a Tech Job Boom and did not need a nanny state to keep it out of the ditch. Besides...
1. We tax in order to create demand for the currency. In addition, it controls aggregate demand or effectively, the money supply
2. The bond market is a monetary tool. NOT a fiscal financing tool.
3. Foreigners do not fund our spending.
4. Money must be created before government bond auctions can occur and before taxes can be enforced. Otherwise, there is no currency in the system to tax and no money to raise via auctions. This is just basic logic in terms of the way the current system works. It can be no other way.
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