Why Borrowing Money is NOT the Same as 'Free"
Kindred, you ignorant slut. Of course, I mean that in a loving way, because Mr. Winecoff has given me a chance to explain an objection that many people may have had.
I wrote this piece. Then I tried to explain, using this "joke" that wasn't funny.
Then Kindred had this (updated) response.
Consider three offers to sell a car.
A. You can buy this car for $10,000
B. You can buy this car for a 60% discount, or $4,000
C. You can buy this car for $4,000 down, and finance $6,000
My claim was that the Republican tax cuts pretended to offer us deal B (big free discount), but in fact offered us deal C (borrow part of price). Deal B is WAY better than Deal C, but it was fake. If someone offered you B, but your contract said C, that would be fraud.
Kindred's objection was that many people prefer Deal C (borrow part of price) to Deal A (pay full price). Um...yes. That's why it is, as he rightly notes, very common. But his objection is a non sequitur. (He's a smart guy, and knew this, I'm pretty sure.)
I never said A was better than C. I said it is a lie to offer B, and then get C.
And Kindred, one other thing: when you cite Wimpy on time preference, you really should cite Chapter 10 of my ANALYZING POLICY book. That is the primary source on Wimpy, I'm pretty sure. Check p. 323...
On the surgery: I can see a whole bunch of bubbles, and the giant red/blue disk of detached retina is getting less opaque, though not smaller. I type this looking straight down over my laptop. Can't use regular computer, or do much of anything else. We'll know by Monday if the surgery is going to work....