If the government retires some of its outstanding by Dr. Robert Murphy

Question 48 / 49: If the government retires some of its outstanding bonds during the year, does that mean it's necessarily running a budget surplus? Explain.

Answer:

No, because in any given year, some portion of the outstanding bonds will probably mature, meaning the government will have

to return the principal to those lenders. Yet the government can re-enter the bond market and borrow that same principal back

again, keeping the outstanding debt at the same level (looking at just these transactions). This process can occur regardless of

whether the government happens to be also running a deficit or surplus that year.

Sample Partial Credit Answer

No, it could be running a deficit and still have to pay off some of the existing bondholders.

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Interventionism: The Mixed Economy

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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