Tools of Renewal
Obama thinks a chicken can make a living by eating its own eggs. Everything he tells us goes against common sense, history, and basic economics. Borrowing only leads to prosperity when you reasonably anticipate that the borrowed money will enable you to make enough money to repay it. Otherwise, the result is bankruptcy. Can a nation declare bankruptcy? I guess so, but it won’t protect us from harsh consequences. We may weasel out of our debts by devaluing the currency, but we’ll all become poorer, and we’ll have to pay higher interest to China the next time they lend to us. This is how bad credit works. Everything costs more. But it’s worth it, so we can have essential government services, such as the subsidy of multimillion-dollar studies to tell us why trout can’t fly.
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