Friday, April 10, 2009

Our Chrildren's Debt

I have heard this cry my whole life, and Victor Davis Hanson echoed it today: our children and grandchildren for generations, through all sorts of higher taxes, will have to service the mountain of debt and interest for the larger entitlements we’ll soon receive. That, or the system will break down. Loans will go unpaid on a massive scale destroying the trust and confidence which is the basis of economic prosperity, igniting a period of poverty unprecedented in modern times. If the American economy sloughs into 3d world mode Curtis Lemay's bombs will not be needed to shift China and India back into the stone age from which they so recently emerged. Europe, which has demonstrated little economic independence, will strangle.
After the cataclysm Americans would surely carry themselves as quickly as possible to internal recovery. The test might even be a tonic to the national spirit. After such a massive thievery the return to familiar levels of world-prosperity will not be a matter of trimesters but of generations; never before has America betrayed the world. 

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