“You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we are not bound by that same limitation?”
Ronald Reagan, First Inaugural Address
After he left office, Reagan admitted that his one great failure as President was to reduce the size and power of the unelected agencies. We have the Supreme Court to thank for that insulation against ineptitude and wanton spending. When, even the President cannot fire you, not only you are at liberty to spend other people’s money as you wish, you are also free to ignore the consequences of your actions.
Our national debt is a disgrace. It is not that our representatives don’t know the truth of that statement, it is that they lack the courage to do the right thing. They are not alone. None of the electorate have the courage either.
Reversing the debt means everyone must make huge sacrifices in every area. Covid welfare and trillions for “infrastructure” are but the latest giveaways to which multitudes cling. The problem, however, goes beyond money and beyond the provision of services. At the heart of the problem is the need for self-reliance, independent thought, and the need for a vision that reaches beyond expediency.
America is not just borrowing money; we are borrowing time—and time will run out. The Treasury cannot print more days, The Fed cannot regulate the hours in a day, and Congress cannot pass a stopgap resolution keeping the hands of the clock from moving.
We are borrowing against our liberty as well. Our liberty is the final payment on our debt, for when we have surrendered our liberty for safety and convenience, we are no longer Americans, we are slaves to tyranny.
I’m old enough that I will likely die before time runs out. What is beyond my comprehension are those urging forgiveness of their student loans while thinking this gives them more money, the right to be unproductive, and a better life.