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Byline: Charles Oliver
Investor's Business Daily
Al Gore promises to wipe out the federal government's debt by 2012 if he's elected. Gore says his plan has these advantages: lower interest rates and easier access to credit for companies and individuals.
Gore says his plan, which also includes targeted tax cuts and big spending programs, will raise incomes, cut poverty, boost productivity, increase homeownership, create 10 million new high-tech jobs and let more kids
go to college.
But can paying down the debt really have the positive effects he promises? Economists are divided.
The logic behind paying down the debt is clear and simple. "There's a limited pool of savings available for investment," said Robert Bixby, policy director for the Concord Coalition, a nonpartisan group that advocates debt reduction. "When the government competes with the private sector for those funds, it …