Wow! We’ll soon cross Sixteen Trillion Dollars in
Federal Debt! S-i-x-t-e-e-n T-r-i-l-l-i-o-n D-o-l-l-a-r-s. That’s a lot of vote
buying even for Washington. Is this ruin? Have we indentured our children into
servitude? Solomon warned borrowers will be slaves to their lenders. Add $120
plus trillion in unfunded forthcoming liabilities and, well, we’re doomed.
Yet,
as significant as this looks, and sixteen trillion of anything cannot be
insignificant, the economic repercussions are the least of America’s worries.
We still finance this cheaply. Rates on Treasuries remain low. Moreover,
America endures as the world’s preeminent economic engine.
Obviously,
debt weighs heavily on markets, especially the spending which spurred annual
deficits exceeding $1 trillion. Government intervention smothers more gainful
private pursuits. As Washington nonchalantly politicizes capital the
economy suffers. Private actors would invest far better than politicians
bribing the electorate.
As
resources filter through the state’s machinations, liberty and prosperity are
sacrificed to political ends. Massive debt is economically bad, really
bad, and perhaps even hopeless; but much, much worse is what this reveals about
America’s moral, cultural and political decay.
Our
present debt debacle frequents comparison to World War II. We borrowed then to
save Western Civilization. That war would end in triumph. Today, we spend
subsidizing civilization’s demise with no victory evident and no end apparent.
These debts and the moral morass they sponsor will worsen. Acceleration is
baked in as baby boomers only begin to retire and taxpayer supported illegitimacy
spawns multi-generational dependency.
Washington’s
principal endeavor is rewarding recipients to shun work. Entitlements and
relief exceed seventy percent of expenditures; social services then cushion the
fallout. Increasingly generous handouts and steeply progressive taxes make
entitlement reform treacherous. Politicians spout lip service to
frugality, but are so beholden to continuing this largesse the Senate cannot
even pass a budget.
We
push almost $1 trillion uphill in means-tested poverty programs, devoid
of accountability. Welfare imprisons vulnerable lives to the public
dole. To what avail? If we spent $2 trillion, poverty would double. The Welfare
State’s only winners are politicians so base as to abuse the poor as props.
Per
the Census Bureau, poverty rates for married couples were 6.2 percent, but 27.3
percent for single-parent families.Children reared without fathers are more
likely to engage in promiscuity, dabble in drugs, commit crime or quit school.
Yet the Safety Net’s overriding purpose is underwriting single-parenthood.
Subsidizing
prodigality assists neither those souls mired in dependency; nor the larger
community. Government taxes productivity to purchase un-productivity;
while economic foolishness, a moral and cultural disaster. Safety nets
encourage irresponsibility as others cover the costs. The Nanny State
inculcates childlike dependence.
Cradle
to grave reliance on public support undermines families and the private
institutions such as churches which should stand between government and the
individual. Weakened communities result from a godless federal Leviathan
saturating life. Society withers as individuals succumb by deferring moral
responsibilities to government.
Why save for retirement, care for struggling relatives or assist distraught neighbors when politicians furnish freebies? Washington performs what should be private functions bribing obeisance like a frog in boiling water through social security, government healthcare, unemployment insurance and food stamps. According to the Heritage Foundation, reliance on federal assistance has exploded fifteen fold in the last fifty years.
Why save for retirement, care for struggling relatives or assist distraught neighbors when politicians furnish freebies? Washington performs what should be private functions bribing obeisance like a frog in boiling water through social security, government healthcare, unemployment insurance and food stamps. According to the Heritage Foundation, reliance on federal assistance has exploded fifteen fold in the last fifty years.
When
government takes care of us, who will take care of government? Not a citizenry
thus stunted in character.
Daily,
more hop aboard the federal bandwagon, leaving fewer to bear the burden. The
taxman’s whip stings mercilessly. Adding insult, Washington muddles the path to
prosperity with regulatory quicksand. Businesses’ ability to launch
life-enriching goods suffocates in bureaucracy. Dodd Frank was 849 pages
generating thousands of rules. Obamacare’s implementation surpasses 13,000
pages and counting.
The
Constitution required sixteen pages.
If
Washington honored the Constitution, no deficits would exist; debts would be
quickly extinguished. More government power means more political corruption. As
federal authority overflows its banks, an unseemly political swamp no longer
warrants the consent of the governed. America has devolved to where, as James DeLong observes, “systemic
corruption is accepted as the normal and inevitable way of doing political
business.”
A
debauched tax code and federal intrusion intensify strife. The 73,608 page tax
code and 82,419 page federal register accomplish little save carving nooks for
cronies and protected classes. Government permeating society simmers fears of
favoritism as lobbyists swarm to the Potomac. When political stakes
increase, so does discord. A bloated political system having lost
legitimacy lets confusion and ultimately chaos fester.
Incessant
intervention affixes subjects to government like spokes on a wheel, spinning a
rigged roulette table where Washington rewards the connected.
Lobbyists representing businesses, unions and others wrestle like hogs nudging
through the slop for larger shares of public loot. As Leviathan’s tentacles
stretch, commerce re-orients toward pleasing politicians and circumventing
cumbersome bureaucracy rather than satisfying customers.
A
polity built on patronage to rival medieval feudalism.
America’s
ideological divide would also be less contentious if Washington left local
affairs alone. Special interests usurping government to impose their wishes
provoke conflict. Federal meddling welcomes mischief and acrimony.
The
Founders forbid the federal authority from tampering with social matters. The
benefits and burdens of public services and efforts to maintain decency are
best balanced nearer to individuals. Decisions made locally will more likely
reflect a community’s values and inflict fewer burdens on dissenters.
When
larger governing powers enact overarching decrees the cost and oppressiveness
of compliance rises dramatically. As Washington expands, people have less
ability to evade disagreeable laws. If Ohio socializes medicine, Kentucky
beckons. But, freedom is diminished and politics takes on urgency to co-opt the
federal behemoth when Washington dictates policy across the nation.
America
has funded this extravagance cheaply, letting both parties funnel tax money to
their preferred demographics and political allies; sixteen trillion dollars
worth of can kicking so politicians never had to say no. Elections merely
decide which party distributes more from the public purse.
President
Obama, severe as his deficits have grown, mostly expanded programs pioneered by
his predecessors. Government seeks to be all things to all people. When finite
resources eventually prompt prioritization the increased factiousness of
American politics and a people bereft of moral vitality may come unraveled. A
system rife with racial identity politics and multi-cultural grievance mongering
forebodes Balkanization.
Sixteen
trillion dollars in debt isn’t the issue, but a symptom of a corrupt polity,
divided nation and decadent culture. These factors will finish America long
before financial collapse comes.
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