THE NATIONAL DEBT CONTROVERSY
探讨公共债务是否将负担转嫁给后代，通过实证检验发现储蓄变化仅能抵消约20%的债务变化，意味着大部分债务负担通过减少资本积累传递至未来。
Some analysts have argued that the burden of public debt is passed on to the future because public debt competes for funds in private capital markets, which lowers capital accumulation. Others argue that using debt finance rather than taxation will have no real effects because an increase in debt will be offset by an equal increase in savings, in anticipation of the higher future taxes that will be needed to service the debt. An empirical test finds that savings changes are only about 20 percent of debt changes, ceteris paribus, implying that most of the burden of the debt is passed on to the future through reduced capital accumulation.