If you're not getting what he's trying to say about Bob's new table, take a look at Bob's old table where he doesn't switch financinge schemes here. Actually in this one he changes financing schemes too, he just waits until the last year.
I am on the verge of saying that debt, by its very nature, makes future cohorts richer than they would have been and has no impact on GDP (which is all a lot of us ever cared about from the beginning until the goal posts were moved).
That wouldn't be quite right of course. If we're talking in terms of "forever" we certainly need to start thinking more realistically about economic growth. Borrowing at interest with zero growth is not very wise. There might be other problems too - both practical and theoretical. But I'm starting to think I've been conceding far, far too much.
17 hours ago