A trend has taken shape in Washington, and it has put our country on a devastating path towards potential fiscal ruin. The trend is characterized by an unsustainable penchant for spending money we don’t have. It became crystal clear in last year’s debt ceiling negotiations and was further highlighted by the recent debate surrounding the fiscal cliff; our country is broke, yet our government continues to spend more, risk more and accumulate more debt. Entitlements are often blamed for the vast majority of our spending issues, but our tendency to overspend is not restricted to just these. Parallels exist across the...
Read Halitt's, "Economics in One Lesson" (Chapter 12) for an explanation of why loaning people or governments money to buy your exports is nothing but bald-faced mercantilism, croney capitalism, and little better than theft. Guess who gets to cover the losses from the un- or under paid loans, and the bureaucratic overhead of administering the program? Look in your mirror for the answer.
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