Borrowing For What?

Noah Millman makes a compelling case:

The opposition [to the stimulus:]...is usually described in terms of austerity,that we should be trying to cut the debt and have government tightenits belt just as private citizens have had to tighten theirs. Andausterity makes absolutely no sense in the current economicenvironment. Precisely because interest rates are low, this is a goodtime to borrow. But the question is: borrow for what? Every dollar weborrow today has to be repaid or refinanced – and...