This practice of borrowing is a practice that in the long run will make us less wealthy. The practice of spending money we don't have inherently, in … - David Cay Johnston

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This practice of borrowing is a practice that in the long run will make us less wealthy. The practice of spending money we don't have inherently, in the long run, has to make you less wealthy, unless you're spending it for things that add value to your society. So if you're borrowing to build... the Erie Canal, the Interstate Highway system, to educate young people so that their productive minds will make more value in the future, you're making an investment in the future. That's not what we're doing with our borrowing. We're... simply spending money we don't have today... transferring enormous amounts of money to big corporations and wealthy individuals.