… savings are economically the same thing. They’re both ways of gaining access to emergency funding. That one is not consuming now so as to be able to consume in an emergency, the other not consuming in the future to be able to consume in an emergency makes no difference economically.
This alternative is grammatically incorrect.
In one case you control the emergency with your own means.
In the other case you spend borrowed money to be paid back in the future and this spending can only be seen as an emergency, except that psychologically the person here is totally dependent on others, totally subservient to emergencies, and he too often considers as an emergency enabling him to borrow money something that could and should have been seen as an investment or something to be prepared to confront without outside help or at least certainly not 100% outside help with an interest and an instalment plan that will tighten your hands in the future, and think of the mortgage system in the US that strangles so mpan,y people, even in normal conditions.
Obviously it is NOT an either/or alternative and Surely enough the two are NOT the same thing, even economically. Think of the subprime crisis.