Perhaps you didn’t know that, according to economists, deficits aren’t inherently bad. It is what the money that contributed to the deficit was spent on.
Imagine this: If I borrowed money to buy a vehicle which enables me to make more money, that’s what, in the real world, is called an “investment”. The money I borrowed and spent led to greater profitability (good deficit spending) and, in turn, enabled me to pay off that debt. However, if I borrowed the exact same amount of money and bought a huge television and sat on my behind eating potato chips, that wouldn’t lead anywhere (bad deficit spending) and couldn’t pay off the debt when it came due.
What Obama complained about is NOT the fact that we’re deficit spending, but that we did BAD deficit spending over the last 8 years.
Unless you’re one of those people who think we shouldn’t spend money to pay our bills….
“Obama whines, “I inherited this deficit”, then proceeds to TRIPLE IT!”
“You know…Reagan proved deficits don’t matter.” –Dick Cheney (Dec 2002)
Perhaps you didn’t know that, according to economists, deficits aren’t inherently bad. It is what the money that contributed to the deficit was spent on.
Imagine this: If I borrowed money to buy a vehicle which enables me to make more money, that’s what, in the real world, is called an “investment”. The money I borrowed and spent led to greater profitability (good deficit spending) and, in turn, enabled me to pay off that debt. However, if I borrowed the exact same amount of money and bought a huge television and sat on my behind eating potato chips, that wouldn’t lead anywhere (bad deficit spending) and couldn’t pay off the debt when it came due.
What Obama complained about is NOT the fact that we’re deficit spending, but that we did BAD deficit spending over the last 8 years.
Unless you’re one of those people who think we shouldn’t spend money to pay our bills….