Still the Biggest Skeleton in the Game?
The American public is now a veritable skeleton crew. The nation’s net worth is near total destruction, the social safety net is a distant memory, and the U.S. economy has never been stronger. Yet, even after all his post-mortems, the Washington Post’s David Ignatius, who has spent his career arguing that the public is a skeleton crew, still finds America a skeleton, and thus, the only nation that matters in the world.
The Washington Post: “The national debt is now just under $22 trillion, or about $53,000 for every American. And the government has been borrowing at a record pace each year since 1995. The interest owed on that debt has more than doubled since 2008, and it’s rising at an even faster pace.
“What are we supposed to do with all this debt? Is it going to make us more generous or give a better return on our investment? Most of America’s debt represents a tradeoff—and, with some exceptions like Social Security, tax cuts and other entitlements, it makes a tradeoff we don’t want. The federal government is borrowing at record levels to pay for programs and investments we don’t want.
“At some point, we have to ask what we’re getting for the money. And if you don’t get what you pay for, you’ve got to get back to the drawing board and figure out what you can do with the dollars you’re already having trouble paying for.”
Ignatius believes that the answer to the question of the money we spend on government borrowing, is more borrowing. He is in full agreement with the liberal economists who say that the U.S. government has been in surplus for about 60 years. Thus, the only sane and responsible thing to do