From the WSJ:

The debt held by the public has approximately doubled since President Obama took office and is now equal to 74% of gross domestic product. It is true that with the right policy mix, economic growthstuck at just over 2% during the Obama recoverywill help close federal deficits and pay down the debt.


Even without the additional spending proposed by Mrs. Clinton and Mr. Sanders, more projected spending in the future will likely lead to calls for ever-higher taxes. Without more budget discipline, America may be headed toward a European-style VAT tax and ever-larger government.

Mr. Lazear, chairman of the Council of Economic Advisers from 2006-09, is a professor at Stanford Universitys Graduate School of Business and a Hoover Institution fellow.