Final answer:
An economist would describe concerns related to income distribution and foreign-owned public debt as substantive. These issues are vital in understanding economic stability and social equity, and require serious consideration by policymakers.
Step-by-step explanation:
How an economist might describe concerns related to income distribution and foreign-owned public debt can be characterized as Substantive. These concerns are legitimate economic issues that can have profound implications for a nation's economic stability and social equity.
Economists recognize that unequal income distribution can lead to social and political instability, as well as reduced economic efficiency and growth. When it comes to foreign-owned public debt, there are genuine concerns that if a large portion of a country's debt is held by foreign entities, this can lead to vulnerabilities, including the potential influence on domestic policies and the risk of capital flight in economic downturns. The sheer size and persistence of the U.S. trade deficits and inflows of foreign capital since the 1980s underscore these issues as worthy of serious consideration by policy makers.
As debt increases, interest payments also rise, which can lead to an expanding deficit even if other government spending remains constant. This has implications for future budget flexibility and the broader economic well-being of a country. Ultimately, these are substantial and evidence-based concerns that require careful analysis and policy response.