Forgive Us Our Debts?

Then, too, it might well be that in some cases structural reforms associated with austerity measures can heal sick economies, or that the shovel-ready infrastructure projects that seem to exist in the fantasies of politicians actually do exist. Or better still, that some way can be found to induce private-sector players to finance infrastructure improvements such as toll roads and a usable rail system, perhaps in partnership with governments. All I am suggesting is that blind insistence on austerity and repayment is a choice, one of several, and is not graven in stone. Or even demanded by the Bible.

Irwin M. Stelzer is a contributing editor to The Weekly Standard, director of economic policy studies at the Hudson Institute, and a columnist for the Sunday Times (London).