... at least our modern wealth has been.
Borrowing is the spending of future income to pay for current expenses. Debt, then, is the indentured servitude of the future. Government debt, particularly of the size of ours, fits Abraham Lincoln's definition of slavery, which went something like*: You work and I spend.
Yesterday, I tried to listen to a discussion between Jordan Peterson and Douglas Murray and one between Andrew Klavan and Ross Douthat. Both covered the same ground - we've lost our way, in part, because we're so wealthy. We don't have societal meaning to our lives because all the big things are done.
All the big things only look like they're done because we've enslaved our grade schoolers with $28T of debt, not counting all of the state-level unfunded pension liabilities, college loans and so forth. If you simply balanced the budget, which would require spending at least a trillion less than we do now, you'd live in a very different country. You'd see a whole new set of needs.
You'd get purpose back in a hurry.
We're not as wealthy as we think we are. It's all an illusion.
|It's not real.|
* - I don't have time to look it up this morning as I need to go make biscuits and gravy to bring in as a treat for my coworkers.