Smith’s view is correct for a lot of European countries: The “deal of ruin”-incremental decay-is seductive. We’re asking the world to dump the equivalent of a G7 nation into U.S. By 2010, the federal government was issuing about $100 billion of Treasury bonds every month-or, to put it another way, Washington is dependent on the bond markets being willing to absorb an increase in federal debt equivalent to the GDP of Canada or India-every year.27 While India’s growing its economy, we’re growing our debt to match.
If the government of the United States had to use GAAP (the “Generally Accepted Accounting Practices” that your company and mine and the publishers of this book have to use), Uncle Sam would be under an SEC investigation and his nephews and nieces would have taken away the keys and cut up his credit cards. Whether it’s Cloud-Cuckoo Land up or Planet Zongo up is mere details. You can spend a month ploughing through the CBO statistics, but the numbers don’t matter because they all make the same point: under no likely scenario does America’s debt burden do anything but go up. Charles Strouse and Martin Charnin, Annie (1977) Lord Byron, Childe Harold’s Pilgrimage (1812–1818) Wealth, vice, corruption-barbarism at last. IT’S NOT HOW YOU QUIT, IT’S WHERE YOU STARTįirst Freedom, and then Glory-when that fails, THE KRAUT BONE CONNECTED TO THE YANK BONE THE GREEK BONE CONNECTED TO THE KRAUT BONE THE HOLE IS GREATER THAN THE SUM OF ITS PARTS
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