So why isn’t locking in funds for 30 years at a fixed rate of 3.3 percent a terrific investment for the U.S. government?

Sept. 7, 2011 — On Sept. 7, the yield on 30-year Treasury bonds was less than 3.3 percent; for 10-year Treasuries, less than 2.0 percent.

Most discussion of deficit spending has focused on potential stimulative effect of additional government spending.

But, leave that aside.

It wouldn’t appear that infrastructure needs are going to go away over time. Nor does there seem to be any peace dividend on the horizon.

So, from a long-term point of view, how much money could the government save by borrowing now, instead of waiting to borrow later, at likely higher interest cost?

And, if the economy recovered more quickly than most expect — and relative debt burden likewise shrank more quickly than generally thought — are there no other needs to which those rainy days funds could be put?

Would it be a disaster if the government were left with “too much money” on hand?