Can We Borrow Ourselves Rich

An economist was evaluating the deficit spending that our government has been doing during the Bush and Obama administration. He made an interesting observation. He said that we have gone from an economy that creates capital and produces real value through manufacturing and commodities from farming and mining, to an economy where we just pay each other for services and we just move money around, while producing less and less value. He said we are trying to "borrow ourselves rich". Well I don't know if he is right or wrong about our economy. At least the farm economy is still producing real value.

But lets look at this from a personal stand point and ask ourselves if borrowing will help us prosper.