Open Left

Krugman is in good company (4.00 / 1)

A national debt, if it is not excessive, will be to us a national blessing.
--Alexander Hamilton

There is not a successful company in the world, not a successful government program or infrastructure project, not a war, or peace, or anything else that required capital, that was not financed through debt at one point or another. Debt is how capitalism functions. Profits are made, capital is set aside, it is lent out, and prudent borrowers, be they in the private or public sphere, use it to do good things (well, and bad things too, but that's inevitable).

The fact that debt has also been abused--grossly--to do bad things doesn't change this. Anything can be abused, and used for ill. And everything probably has been.

Interesting, though, how all the deficit "hawks" suddenly came out of the woodwork as soon as Dems took over and Obama was sworn in. All of a sudden, we just can't afford this "massive" and "out of control" debt, let along to add to it. Um, yeah.

The liberal soul shall be made fat. He who waters shall be watered also himself. (Proverbs 11:25)

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by: kovie @ Wed Jul 15, 2009 at 23:21:25 PM CDT