When we borrow money, we promise to pay it back and we pay it back -- no matter what.
That's not even a quarter of what we borrow from China every year.
Instead, we need an economy where we borrow less and produce more.
And by the way, when we borrow all that money, we have to pay interest on that -- to other countries and other investors.
And it's a future in which our economy is powered not by what we borrow and spend but what we invent and what we build.
As existing Treasury Bonds mature, we not only borrow the money necessary to redeem them, but we borrow it from the very people cashing them in.
In contrast, when we borrow money, we can deduct those interest payments from our taxable income and the debt holder will be taxed just once at 35%.
Without going all economics seminar on everyone, the idea that if we borrow more and the government spends more and everything becomes hunky-dory depends on the size of the multiplier.
And every day we borrow money from foreign countries.
CNN: Clinton's October 9, 2007 speech on retirement security
CNN: Clinton's October 9, 2007 speech on retirement security
We could borrow them for two weeks and then we had to return them.
Some will point out that we can borrow from others in order to demand.
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If we could borrow a line from the suave and dashing Starfleet Captain James T.
We have to borrow that money because we don't get sufficient money in from customers on a daily basis.
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Whether we should run deficits is a much more complicated question. (The following borrows heavily from a terrific paper by Doug Elmendorf and Greg Mankiw.) We should borrow to finance investments that will pay off over time.
Though we chronically fail to claim as big a piece of the economic pie as men do, we continue to look at our larders and find the ingredients to bake ten more pies, often by asking a neighbor if we can borrow a cup of sugar.
But we have to borrow a shovel -- ours passed on some time ago.
In fact, we have to borrow money just to make the interest payments.
But what happens then is that we no longer have the ability to borrow money, but we have bills coming due and a limited amount of cash in our pockets.
So this is all part of the notion that we don't want to just borrow and spend -- we also want to make stuff and sell. (Applause.) That's part one of the plan.
But the point is that beyond -- after we cease to have the capacity to borrow money, every 60 cents we take in is 40 cents short of the dollar we need to pay out.
What we need, to borrow another word from the green vernacular, is balance.
The operative factor is not how much we allow ourselves to borrow, but how much our creditors are willing to lend.
So, we need someone to borrow short, taking our savings but allowing us quick access, and lending that cash out as long term loans.
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Only thus can we probe, to borrow a key verb from the aficionados, the ridiculous for the sublime: those terrors, or unlikely consolations, that lurk within.
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