Might possibly be one of the smartest observations on the National Debt I've ever read.
Golly…
The difference between a subsidy and an investment is a subsidy keeps something alive that would likely die without external support. An investment is supposed to result in benefits that exceed the initial cost.
If we could be rational and logical about what to invest in, then using debt for investment purposes makes sense. But return on investment has to be about more than money, and costs cannot be externalized.
As. nation, we should invest in honest lifecycle analysis modeling and make that a legislated requirement for expenditure decisions.
