Friday, September 26, 2008

The real legacy to our grandkids

The real legacy to our grandchildren will be the loss in output that will come about as a result of not doing anything. That will lower both present and future generations' wealth and standard of living. A debt incurred now that is invested wisely (as in sustaining economic growth and output) is the real heritage to future generations and it is not a bad one. It's like taking out a mortgage to buy a house or any other productive asset, then passing that asset to your children when you die. Congressional Republicans and a majority of Americans, it would appear, don't seem to understand that.

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