As I write this, Donald Trump and Nancy Pelosi are tussling over whether to add another $1.8 trillion or $2.3 trillion to the national debt, because the first $2.2 trillion spending blowout Congress passed this year didn’t save us.
If this bill passes, every dime of it would be borrowed. Congress does not have the money from tax receipts. Congress never does. And yet conventional wisdom says refusal to spend the money will be a negative for all involved.
With that in mind, let’s consider a few things:
From the presidency of George Washington through the presidency of George W. Bush, the United States government amassed a national debt of just over $10 trillion. That’s 221 years’ worth of borrowing funds.
This is the result of far too many generations of politicians who figured they would be safely out of the picture before there was any price to be paid