We all know that one sad day in the future our debt bomb will explode ... and America will have a very painful period digging our way out of the unsustainable national debt we have been accumulating over the last half century. (Zero or negative interest rates are now just too tempting for pols to resist.) The pain might be another period of crippling inflation ... or maybe even a debt default which would also destroy the wealth of most retired people ... and turn the American dollar into un-Sani-wipes. Circumstances might even force us into a kinetic war with our hegemonic rivals ... which would likely devastate much of what we enjoy today.
Why are we doing this to ourselves ... flying like a moth to the flame? Simple ... because we can. The rest of the world is also printing money like there will be no accounting ... so why shouldn’t we? President Trump suffers from this same tropism ... saying that zero interest rates allow us to nonstop borrowing. Just wait till rates go negative! And most politicians of both stripes of course stand and cheer.
If we can just postpone this day of reckoning until we, dear readers, will no longer be around ... just kidding. Our issue don’t need this issue too!
1 comment:
As I recall, wasn't it Trump who said it would be easy to erase the debt within his first term in office? And you voted for whom? Hi Dennis.
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