Not to pile on, but I think you really are missing the point. The point of the current deficit spending (taking out loans) is not to invest in something that wi

Not to pile on, but I think you really are missing the point. The point of the current deficit spending (taking out loans) is not to invest in something that will create wealth later, it's to prevent the destruction of wealth now. That's what he means when he says it's "counter-cyclical" spending. We're smoothing out this negative GDP bump now by borrowing from a future positive GDP bump. You spend now to prevent a depression. When you pay the loan back you break even at best, probably lose a little, but it's better than not doing anything at all. If you don't agree with this kind of macroeconomic reaction then that's the argument you should be making. To disagree with these loans because they can't possibly turn a profit just misses the point.