The United States need never pay off the national debt; it can simply refinance the debt when it comes due.The flaw in thinking that the government must pay it off is based on the fallacy of

Question

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The fallacy of composition arises when one assumes that what is true for a part is also true for the whole. In this context, the flawed reasoning is that because individuals or businesses must pay off their debts, the government must also do so. However, governments operate under different financial principles, such as the ability to refinance their debt indefinitely, unlike individuals or businesses.

The United States Need Never Pay Off the National Debt;