As the negotiations over the U.S. government budget drag on, I alternate between anger and indifference, anger because I understand the motives that got us into this crises, and indifference because I know how it will end.
Our government is in a budget crisis because it has repeatedly violated the most fundamental of financial principles: Don’t spend money you don’t have.
The choices now are so unpalatable neither political party can agree on who should take the medicine.
Americans, however, are in no position to blame their politicians for this mess. In a democracy, people generally get the government they deserve. Our government is in debt because the people it governs don’t believe there is anything wrong with debt. It’s no coincidence Americans are more indebted than ever at a time when the government is posting record debt and budget deficits. Continue reading “On The Debt Crisis”