President Clinton came up with one of the most important linguistic innovations of the 1990s when he began to use the term “investment” instead of “spending.” “Spending” suggests waste. “Investment” suggests the responsible handling of resources. A dollar “spent” is a dollar you’ll never see again. A dollar “invested” is a dollar that comes back to you many times over. “Spending” is morally neutral—it could be good or bad, responsible or wasteful. “Investment” is by definition reasonable and responsible. “Investment” is also by definition forward-looking, whereas “spending” implies instant
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