B --- Prefer experts

(Karl W. Smith is a Bloomberg Opinion columnist. Previously, he was vice president for federal policy at the Tax Foundation and assistant professor of economics at the University of North Carolina, “Economists Join Congress in Not Worrying About the Deficit,” pg online @ https://www.bloomberg.com/opinion/articles/2019-11-21/do-deficits-matter-economists-increasingly-say-no#xj4y7vzkg //um-ef)

First, some history: The consensus among economists has long been that, while budget deficits are sometimes necessary (in case of war, for example, or recession), they are ultimately a threat to economic growth. That’s because when the government borrows, it “crowds out” investment in the private sector. At this point, one of three things can happen: Private investors competing over the smaller pool of savings can bid up interest rates until some borrowers are pushed out of the market; foreign savers can step in and add to the pool of savings; or some combination of both. In any case, future Americans will be worse off, either because domestic investment will be lower or foreign debt will be higher.