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“The American economy begins with raw materials. Without a continuous supply of raw materials, productive sectors cannot produce, consuming sectors cannot consume, and exchanges of goods and money cease. The economy grinds to a halt,”

Introduction:

The idea of borrowing our way out of debt is ludicrous, but that is what the United States is attempting to do. For years, our basic national policy has been to borrow our way to prosperity. And now it has caught up with us, resulting in serious unemployment, high federal deficits and business and personal bankruptcies in record numbers. So what is our response? More borrowing, more debt and more earned income diverted to interest payments instead of prosperous economic expansion.

If debt were the way to prosperity, we would be in paradise. However, this debt policy will lead us only to a fool’s paradise. Why does a country with such an abundance of raw materials, technological skill and private enterprise know-how need to go further into debt? More