Grandpa took me to the town hall meeting one night and we sat there listening to the procedings for a time. When it was time for people to stand up and have their say grandpa got in line with the rest. When it was his turn at the podium he looked around to all that was there then he spoke up.
“I have a question for anyone to answer if they can. It is a question on economics. It has always been my understanding that economics was economics and the same rules applied to everyone whether it be government, business, charities, families or individuals.
If my presupposition is correct then why do economists look at the debt of the federal government as a proportion of GNP to determine the financial health of the federal government? I could understand its use if we had a socialistic form economic system but we do not. If someone could logically explain this to me I’d really appreciate it.
To me the only value of its use is to create the perception that the financial health of the government is better than it really is. Businesses cannot use it to determine its financial health nor can any family or individual. So, what is it about government that allows it to use different rules of economics than everybody else? Can someone answer this question for me, please?”