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View Diary: Mitt Romney: Joe Biden's vision of dignity and opportunity is 'a fantasyland' (95 comments)

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  •  Borrowing gobs of money does not (2+ / 0-)
    Recommended by:
    Jay C, sfarkash

    spell looming disaster.  Whether borrowing money spells disaster depends on (1) who it's borrowed from and (2) what it's borrowed for.  Most of our national debt is borrowed from ourselves, which means the payback can be stretched out far into the future (forever, if necessary).  If it weren't for the Republicans much of the money borrowed since Obama took office would have been invested in the country's future - infrastructure, research and education.  As it is, we're stuck with spending money in support payments for people who could be working building that infrastructure or receiving education to be able to survive in a changing economy.

    But even money spent supporting people who can't find work does not "spell disaster."  This is a sovereign country with its own currency and its own federal reserve bank.  Only people who believe this country's budget works like a family's budget are freaked out about the country's debt.  The worst mistake Obama has made in this regard was telling the American public that just as a family must reduce its spending in bad times, so must the government.  Big, big mistake.  He should have set up a "fireside chat" to explain macroeconomics to the public.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Fri Dec 23, 2011 at 01:43:47 PM PST

    [ Parent ]

    •  With all due respect (1+ / 0-)
      Recommended by:
      soros

      Continuing to tell ourselves these fairy tales is something we cannot afford. Many countries with the power to print their own currency have collapsed before due to fiscal issues. Also, 'what we are spending the deficit on' is almost pure consumption. There is almost no investment value at all. Just spending, increasing the debt the whole time. Closer to implosion.

      (-5.50,-6.67): Left Libertarian
      Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

      by Sparhawk on Fri Dec 23, 2011 at 03:21:57 PM PST

      [ Parent ]

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