"A democracy cannot exist as a permanent form of
government. It can only exist until the voters discover that they can vote
themselves largesse from the public treasury. From that moment on, the majority
always votes for the candidates promising the most benefits from the public
treasury with the result that a democracy always collapses over loose fiscal
policy, always followed by a dictatorship. The average age of the world's
greatest civilizations has been 200 years."
— Alexis de Tocqueville (1805-1859)
The National Debt is 23.3 Trillion as of February 2020. That’s
about $80,000 for every man woman and child in the US., so a family of 4 owes $320,000,
probably more than the value of their house.
THE ECONOMIC FALLACY OF BORROWING AT LOW RATES (The Bridge)
“One problem with an oversized and growing public debt is
that the government must allocate a large part of its spending to paying the
interest on the debt. This means that fewer federal funds will be available for
other programs. For example, this crowding-out effect harms investment in
R&D and infrastructure, which are important for future growth prospects.
With current growth, debt, and interest rate projections, total interest
payments will reach $1.7 trillion by 2037. Even assuming that historic low
interest rates of 2 percent are sustainable long-term, total interest payments
will still exceed $1 trillion by 2037.”
Story at...
https://www.mercatus.org/bridge/commentary/economic-fallacy-borrowing-low-interest-rates
In conclusion...the Tax-and-Spend Democrats and the Cut-Tax-and-Spend
Republicans have no clue. Trump or Biden? We’re screwed!
