The idea that growth will remedy our debts is so addictive for politicians, but the citizens end up paying the price.
Sentiment: NEGATIVE
Politicians are addicted to spending and revenue extraction. As with an addict, there's little pause for moral or legal contemplation.
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
America pays its bills. It always has. It always will. The fact that Washington is now debating whether to honor its debts and obligations, then, should come as a surprise. But playing political football with a necessary vote to raise the nation's debt ceiling has become as predictable as a Twitter rant from Charlie Sheen.
To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. That's wrong, but neither the U.S. nor Europe has a plan to stop it.
All sensible politicians favor growth, just as we all favor sound public finances. Both can be achieved if we rationalize spending, invest available resources wisely, and clamp down on tax evasion.
Debt is such a powerful tool, it is such a useful tool, it's much better than colonialism ever was because you can keep control without having an army, without having a whole administration.
I don't mind the government accruing debts as long as every dollar is spent effectively with a high return. That works out fine. If you accumulate debts and waste your money, that's, of course, a disaster.
The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.
For too many years, politicians in Washington have been eager to pledge more hard-earned taxpayer dollars to help deal with the student debt load. But this doesn't sit right with the many Americans who take pride in making fiscally responsible choices and paying off their loans on time.
Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.
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