That's how I think about it, and that's hopefully how a lot of people think about it, but I suspect for most people that's not true. For a lot of people debt isn't nearly as scary as it ought to be, and the idea of, instead of paying off debt, spending money to theoretically make more money seems like much more of a sure thing than it actually is.
Perfect example: I'm in SV, and I bet there's a not insignificant slice of the population around me who think that the cure to budget deficits (i.e., debt) is to reduce income by cutting taxes, based on a mystical belief never seen in reality that the growth fueled by the tax cuts will result in both lower taxes for the population and higher tax revenues for the government (i.e., investment).
I'm almost 50 years old, and there has never been one iota of truth to this notion in my lifetime. Not one teeny tiny iota. But some people just can't resist going back to that well over and over again with the same results every time. The notion that you can kill two birds with one stone, and both ignore debt and create wealth at the same time via magic Austrian fairy dust must be very powerful. It's like a black hole of self-evident idiocy that people keep flying into for some reason. It must be a form of cognitive bias, but if so I don't know what to call it.
Perfect example: I'm in SV, and I bet there's a not insignificant slice of the population around me who think that the cure to budget deficits (i.e., debt) is to reduce income by cutting taxes, based on a mystical belief never seen in reality that the growth fueled by the tax cuts will result in both lower taxes for the population and higher tax revenues for the government (i.e., investment).
I'm almost 50 years old, and there has never been one iota of truth to this notion in my lifetime. Not one teeny tiny iota. But some people just can't resist going back to that well over and over again with the same results every time. The notion that you can kill two birds with one stone, and both ignore debt and create wealth at the same time via magic Austrian fairy dust must be very powerful. It's like a black hole of self-evident idiocy that people keep flying into for some reason. It must be a form of cognitive bias, but if so I don't know what to call it.