Growth, Debt, and Assets: Why Politicians are Better at Economics Than Economists

The wealthy countries of the world have spent the last three and half years falling off a 90 percent debt-to-GDP growth cliff that we should now all be able to agree does not exist. While I am happy to see that economists have been able to demonstrate conclusively that the world is not flat, I will just quickly explain again why I always knew this fact.

As I have explained numerous times, in addition to debt, governments also have assets. In fact, governments routinely sell assets, not just o...