It amazes me how many educated young men think our 21+ trillion dollar national debt is normal and will eventually be corrected.
Gentlemen, I hate to be the bearer of bad news but there is nothing normal about this. In the past when the national debt was raised it was due to something like a war. The cause would come and go and the debt would be paid down.
This time however it is very, very different. The government is overspending due to big government, military (funding the military defense of the entire western world) and social programs.
It’s a snowball. Instead of a national emergency that comes and goes, this one just keeps expanding. We have a significant portion of the population who have a multi-generational dependency on the government. Other nations depending on our military are so fiscally tapped due to their own socialistic policies aren’t going to be helping with defense any time soon. A government built upon the votes of dependents is not the sort of government interested in shrinking.
The end of all of this is insolvency. In reality, the USA is already insolvent. The only thing that keeps us going is the fact that the dollar remains the world reserve currency. When that status begins to change, it’s game over. When the world stops having confidence in our dollar the debt will be due.
How large does our national debt have to get before the world drops the dollar? It’s anyone’s guess.
Now there is one thing that has proven to extend the life of states embroiled in economic crises. It’s called war and colonialism. People on the government dole today who decry western colonialism will flip on a dime and support it once it becomes clear their government check will stop without it. The irony.
Even with war, resources are limited. Wealth doesn’t come from nowhere. Government dependency is a nation slayer.