For the first time in the history of the U.S. the political class just drove us right past $20 trillion in debt.
$20,162,176,797,904.13 to be exact.
The DC crowd decided to blow away the highly ignored debt ceiling and destroy the prosperity of people who aren’t even born yet.
Here’s the worst part: nobody cares.
The news about this theft from our grandchildren was barely discussed in the media, and was met with a whimper from the American people.
So what number will get folk’s attention? Quadrillion? Quintillion? Sextillion?
Doubtful. Non of this means anything to anyone because they don’t believe it affects them directly.
You’ve probably heard the quote, rightly or wrongly attributed to Ben Franklin, but true nonetheless,
“When the people find they can vote themselves money from the treasury, that will herald the end of the republic.”
Let’s put that excerpt in it’s context. Here’s the entire quote:
“A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy.”
Yeah, we’re pretty much there.