Only the feds use it. Good investments generate benefits into the future. My new car gets me to work for several years. A new school helps to educate our kids year after year. All of these things are good investments, and as any banker will attest, borrowing for good investments is sound financial practice.
Investment induces growth.
Growth means to get wealthier. Investment is an attempt to induce growth. We all invest, attempting to make the future better than it would have been otherwise. After providing those, he said, it is then that the government should stay out of the free market's way. If my local government has succeeded in growing its tax base, in part by successfully educating its growing population, lenders will be happy to buy municipal bonds that help build new schools.