"Economist Frederick Thayer has studied the history of our balanced-budget crusades and has come up with some depressing statistics. We have had six major depressions in our history (1819, 1837, 1857, 1873, 1893 and 1929); all six of them followed sustained periods of reducing the national debt. We have had almost chronic deficits since the 1930s, and there has been no depression since then - the longest crash-free period in our history."

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I can't resist telling you that when the Vienna Economics Institute celebrated its centennial, many years ago, they invited, as their keynote speaker, my father [John Kenneth Galbraith]. The leading economists of the Austrian school- including von Hayek and von Haberler - returned for the occasion. And so my father took a moment to reflect on the economic triumphs of the Austrian Republic since the war, which, he said, "would not have been possible without the contribution of these men." They nodded - briefly - until it dawned on them what he meant. They'd all left the country in the 1930s.

— James K. Galbraith