CATEGORY: ECONOMY (17 MIN)
At last check, the US Debt Clock placed our country’s debt at $31.7 trillion. But does that even mean anything? After all, we’ve been hearing about the skyrocketing number for a long time now. If it hasn’t hurt us yet, surely another trillion or two won’t matter, right?
Samuel Gregg, writing for the Acton Institute, discusses the phenomenon of the debt’s disappearance from public discussion. He believes that this trend indicates problems with America and the world’s understanding of debt.
First, Gregg recounts the history of America’s relationship with debt, starting with Alexander Hamilton’s proposal to establish a public debt as a national necessity. And as Gregg notes, Hamilton’s plan led to many exceptional benefits, including foreign investment, land acquisition, and victory in World War II.
But now, the debt has become a justification for all types of government welfare spending. Gregg uses evidence from the Founders to rebut this use, and he focuses on one major downside. If the government does not pay off its debts, it also creates a deficit of trust.
Read Gregg’s proposals for reclaiming the debt debate right here.
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