Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
More Quotes from William Vickrey:
It's insane to try to balance the budget.William Vickrey
The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.
William Vickrey
The bottom line for me out of this is that from 1992 to today, researchers can't find a defining reason why the public view of the courts has improved. The only thing that has changed is the way we do business. The good news is we can make a difference.
William Vickrey
The achievement of a reasonably full degree of employment without accelerating inflation will require development of some additional tool.
William Vickrey
There is no real justification for a requirement that a budget of any sort should be balanced, except as a rallying point for those who seek to hamstring government.
William Vickrey
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