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Posts Tagged ‘borrowing’

Virtuous Debt

Pawnshop, 1940

Pawnshop, 1940

In the many postmortems of the Great Recession, a common diagnosis pointed to the consumerist, spendthrift, live-for-today borrowers that Americans had presumably become — and to the highly-indebted government those Americans had voted into office. The crisis revealed, some observers argued, Americans’ fall from an earlier, sober, accounts-balancing virtue. These critics, I argue in my latest Boston Review column, incorrectly explain the crisis, underestimate the importance of debt, and misremember American history. See here.

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