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LJWorld.com weblogs Loyal Opposition

To Borrow or Not to Borrow

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In a recent thread on taxes a post established a choice between the following:

Tax and spend assigned to the Democrats

Borrow and spend assigned to Republicans

The question was which was preferred. That is a false dilemma. We can match spending and taxes. Now where debt is concerned we need to be thoughtful.

Debt accrued to finance on going activities will lead to an ever increasing debt. Greece comes to mind where continuing social spending was financed with debt until it became difficult to borrow further. This is not a good use of debt.

Now using debt to pay for one time occurrences of finite duration and high cost with lasting consequence is acceptable. Wars fit this category. We have routinely paid for our wars with debt as wars are expensive, finite and multigenerational (future generations benefit). If that is not so we should not be in the war.

Since all our wars have been legally voted we will have to presume the majority agreed with this premise whatever the reader’s personal opinion of any given war might be.

Too many false issues on here!!

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