Suppose the government spends more this year than it collects in taxes, borrowing the difference. Assuming that
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Suppose the government spends more this year than it collects in taxes, borrowing the difference. Assuming that the government will repay its debts, what does this imply about what must happen to taxes in the future? How might people adjust their behavior to account for this predicted change in taxes?
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Taxes must rise in the future assuming that future ex...View the full answer
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Related Book For 
The Economics of Public Issues
ISBN: 978-0134018973
19th edition
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
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