Dr. Bob Murphy is at it again. Instead of the "government as a household" fallacy, Dr. Murphy insists that the government should be run like a private business. An excerpt:
"Larry Summers and other apologists for larger government debt can continue coming up with clever arguments, but they can’t evade the basic truth: in a time of recession, when all other institutions in the world are watching every penny and eliminating unnecessary spending, the government should too. Indeed, even some projects that are “worth it” during boom times should nonetheless be axed during a severe recession when tax revenues have plummeted. This is exactly what a private business would do."
Article Source: http://www.theamericanconservative.com/articles/would-private-business-run-up-more-debt-than-government/
Hmm...wonder how Europe is fairing under austerity?