Five years agowhen the U.S. public debt was $33 billionmany an economist predicted financial chaos if the debt ever reached $50 billion. Last week the debt was $51,346,407,109.98. So economists tossed up new debt estimates like chefs in a griddle-shop window.
One tosser was liberal Seymour Edwin Harris, Harvard associate professor of economics and longtime pal of Britain's John Maynard Keynes. In a new book called The Economics of American Defense (Norton; $3.50), Professor Harris this week forecast a post-war debt of $75 to $100 billion, a steady increase thereafter "to keep spending at a high level during the post-war...
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