America is cruising into an uncharted sea of federal debt, with a public seemingly untroubled by the stark numbers and a government seemingly incapable of turning them around.
In the presidential race, there’s not much partisan difference or advantage on this subject. Donald Trump and President Biden have overseen similar additions to the nation’s accumulated debt—in the range of $7 trillion in each case—during their terms. The national response to both has been, by and large, to look the other way.
History, however, offers some cautionary notes about the consequences of swimming in debt. Over the centuries and across the globe, nations and empires that blithely piled up debt have, sooner or later, met unhappy ends.
h/t DS
