The year I was born, the national debt was $258 billion, and
my grandfather lamented that my generation would be burdened to pay for it.
The years that my kids were born the national debt was
between $1 and $2 trillion, and Dad lamented that my kids will be burdened to
pay it off.
The years that my grand-kids were born, the national debt was
between $7 and $12 trillion, and I lamented that my grand-kids will be burdened
to pay it off.
Working on an MBA degree in the mid-80’s, I learned that the
real problem with the debt is that it would “crowd out” private borrowing,
spiking interest rates. Applying private sector financial theory to the government, I was also
taught that the US credit rating would be in jeopardy if the debt got to be over 100% of
the GDP, because there was not enough national earnings to repay it. It has been over 100% since 2012.
The debt is now approaching $20 trillion, and nobody’s
grand-kids is going to have to pay it off, because it doesn’t seem to matter. I’m not sure how many times the experts have
to be proven wrong with empirical evidence for them to be abandoned, but if 70
years is not enough, you all please keep checking as the generations pass
through this planet.
It's not like you can't check because it got paid off.
