In a Chicago Sun-Times opinion piece this morning, Reason magazine’s Jacob Sullum says the Democrats aren’t serious about the national debt. Nothing surprising about that, but he concludes with this beauty:
Picking up the president’s investment theme, The New York Times says it’s “obfuscating nonsense” to declare that “we’re broke,” as House Speaker John Boehner (R-Ohio) likes to do. “A country with a deficit is not necessarily any more ‘broke’ than a family with a mortgage or a college loan,” the Times explains.
Suppose the mortgage is twice the home’s current value, the college loan was used for an unfinished degree in anthropology, and the family cannot make payments on either without borrowing or stealing because it has no income of its own. Now this family looks more like the federal government.
Orthodox. Faithful. Free.
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Whether we call it “broke” or not, no one should be lending it any more money until it gets its house in order.