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" ... Now of course, it is possible to make this debt difference formal. Say we want to build a new railway line. So, we issue bonds which only get paid out of the revenue from that railway line. Which is how private financing of such a railway would work of course. And if private financing can be achieved then there's no need for the government to be there at all. And if the government must be involved to make it work then of course we've not got a project that can properly repay its own costs. Meaning that repayment is again relaiant upon that general revenue pot in the end. We call this "recourse." If a project can be financed without recourse to the general revenues then sure, it's just great debt. But if it cannot be then it's not good debt for two reasons. Firstly, it's not meeting it's financing costs and thus doesn't pass a strictly financial cost benefit analysis and secondly, there's that recourse to the general revenue. ... "