Simon Johnson and James Kwak have an article in today's Washington Post that reinforces my position that debt hawks risk extending and exacerbating the recession.
This position does not endorse frivolous government spending, nor does it support the pursuit of endless military expenditures.
However, debt spending is necessary to compensate for the collapse of private sector demand. Well targeted debt spending can help repair America's crumbling infrastructure and improve its education system. It can support small business lacking access to credit and it can improve the health and vitality of the population.
Debt spending does not necessarily impoverish future generations. Read the article and my previous post about this subject.