# In an op-ed, Professor Michael Spence argues that some forms of government debt can be beneficial

1 Faculty News April 27, 2016 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](https://www.project-syndicate.org/commentary/debt-management-overleveraged-global-economy-by-michael-spence-2016-04) -- "...in an environment of low long-term interest rates and deficient short-term aggregate demand (which means there is little risk of crowding out the private sector), it is a mistake not to relax fiscal constraints for investment. In fact, the right kind of public investment would probably spur more private-sector investment. Identifying such investment is where today’s debt debate should be."

[Read more](https://www.project-syndicate.org/commentary/debt-management-overleveraged-global-economy-by-michael-spence-2016-04)