Hit the Road Bill

From Ed Feulner, president of the Heritage Foundation:

There are two types of debt: Good debt and bad debt. If, for example, you take out a mortgage to buy a house, you’re piling up debt, but it’s good debt. You have a place to live while you pay back what you’ve borrowed, and your house likely will be worth more when you sell it.

On the other hand, if you eat every night at a five-star restaurant and put the meals on your credit card, that’s bad debt. You have nothing to show but a pile of bills.

Today, the United States is racking up far too much bad debt.