“Will Debt Sink the American Empire?”
So asks the Wall Street Journal, in an uncharacteristically gloomy article for the bull market’s paper of record.
They kick off with the problem: America is “cruising” into an uncharted sea of federal debt, with a government seemingly incapable of turning it around.
In other words, the uniparty has set its course, and there’s no cavalry coming.
The Runaway Train of Deficits
We’re currently adding a fresh trillion of debt every hundred days, on our way to $35 trillion.
Meanwhile, the deficit is about to break $2 trillion – for perspective, all federal revenue under George W Bush averaged around $2 trillion.
Debt interest *alone is set to cross $1 trillion, eclipsing even our bloated military budget that beaches quarter-billion dollar piers in Gaza for sport.
The next milestone after that is Medicare spending, which together with Social Security has its own $78 trillion unfunded liability, according to its own Board of Trustees – outside estimates are higher.
Governments Are Rabid by Nature
Now, none of this is shocking: governments by nature try to spend too much – indeed, much of economic history is made up of governments desperately trying to finance their mountains of debt.
Debt brought down Rome, first with hyperinflation then with a gutted military that barbarians walked right over.
It brought down Spain, as New World gold finances an effective government takeover of the private sector. And France, bankrupted by financing foreign wars – in this case, the American Revolution. The Qing collapsed under debt and even Great Britain who owned half the earth for nearly a hundred years.
Sink the Democrat Party !!!!!