"In Manhattan last month I heard a woman borrowing the jargon of junkies to say to another, 'Want to do some chocolate?'"

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If the US government spends 40 percent of the nation's income, as it does through either borrowing or taxes, that income is not available for people to spend. The deficit is an indirect method of taxation. Of course, politicians prefer to borrow instead of tax because then someone down the road has to deal with the consequences.

— Milton Friedman