Yes, in fact it does make them a millionaire, since someone was willing to lend to them.

If that person is rational, the ability to pay back the money lent would likely factor into such decisions on whom to loan money to, and if they lend you that million, well......

So yeah, if you are credit worthy, you are suddenly a millionaire, until you spend it.

And, hopefully you will spend it on things you need that will increase your productivity and future revenues, needed to pay the interest and principle on any loan.

The last time I checked, I seem to have noticed that most people seem to have bought their homes based on this interesting premise, and then they pay that "debt" off over time.

Since we have had such a weak economic recovery, despite interest rates effectively at zero, and long term rates at 2% or less, there appears to be no "crowding out" of private investment from Federal borrowing, and we still have a backlog of around five hundred billion in infrastructure depreciation and projects un-funded over just the last 7 years, obviously the evil "gubmint" didn't spend nearly enough to have a "roaring" economy and/or the future productivity from those investments.

Public borrowing is bad if it crowds out private investment (raises interest rates), is done by inflating money supply (inflation and higher interest rates), or is spent on really stupid things like HSR to Chowchilla (spending money on projects that have no, very low, or very long lead time for any benefits), or say, on costly but largely ineffectual wars.

Now, of course, you could have spent that very same money on the LAUPT run through tracks, which reduces long run operating costs and increase ridership, creating lasting public benefit, and real economic returns from increased wealth and productivity.

There is no inflation, and with worldwide deflation and with a very strong dollar, little likelihood of inflation. Interest rate policy is utterly impotent (even with this "contractionary" nominal 1/4 % raise in Fed rates). There is no real world wide demand for money pushing up long term (market driven) interest rates. And, with continuing profitability by very lean and mean companies, and a rapidly falling Federal Deficit/GDP ratio, increased tax revenues, and government borrowing falling for the last four years, no wonder it's not been exactly a "roaring" economy.

Santa brought me the extension to Larkspur, and that will make the investment in SMART way more effective, in providing a real alternative to the 101 corridor, generating future "relative" savings in time and money, over the null case..... I only wish the same "miracle" (in common sense) could occur with LAUPT.......

Ho-Ho-Ho..... It's already past time for some more serious drinking.

Merry Christmas!