An Excerpt from Simon Johnson and James Kwak's new book "White House Burning"

(The full title is: “White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You”)–KSH

What was the main difference between Great Britain and France? It -wasn’t the size of their national debts: at the time of the French Revolution, Great Britain’s debt per person was much larger than France’s. The difference was politics. In Great Britain, the political system was dominated by elected representatives who supported an activist government and were willing to endorse the taxes necessary to pay for its resulting debts. In France, the government did not have the legitimacy necessary to raise the money to service its smaller debts. And although its tax rates were lower than Britain’s, the problem of taxation without representation was an important cause of the Revolution.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Budget, Economy, England / UK, Europe, France, History, Taxes, The National Deficit, The U.S. Government