Sun 31 Jul, 2011 08:57 pm
The big argument for the "Balanced Budget", the one that is now being repeated by politicians and pundits alike, is a lie. They are saying that families need to "balance the checkbook" which means that families can't borrow money to pay for things that they don't have money for yet.
Of course this is completely false. Families borrow money all the time to pay for worthwhile things.
I borrowed tens of thousands of dollars to get an education. We got a mortgage to get a house. We even financed a car which was necessary for me to be able to work. All of these things were bought when we didn't have near enough cash on hand to afford them. Borrowing to pay for education, housing or dropping bombs on evil doers is clearly a good thing for families or for the nation.
Why isn't anyone pointing out how bogus this simplistic talking point really is?