"First, my rational expectation expressed this morning that Professor Buchanan would blame John Maynard Keynes, who died in 1947, for Ronald Reagan's deficits in 1986, was verified. Second, I'd like to comment on what I think is a misunderstanding by Professor Buchanan about what Keynesian economics has had to say about the financing of government deficits — by money or by other obligations. That has been a field of considerable inquiry and theorizing and empirical investigation, as well, by me among other people. […] Many countries in the world are tied to the system that Professor Buchanan recommended — namely, that all government expenditures be financed either by taxation or by printing money — and the consequences of that in those countries have not been very happy. The only good thing I'd like to say about Professor Buchanan's talk is with respect to the old question of what economists ought to be doing in recommending policies to governments and electorates, and to the public."
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James Tobin, in D. A. Reese (ed.), The Legacy of Keynes (1987), p. 166
https://en.wikiquote.org/wiki/Democracy_in_Deficit
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Democracy in Deficit
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