People who limit their consumption don’t
accumulate debt. Americans have not limited their consumption, but they
certainly have accumulated debt. The national debt is already 28 percent higher
than the entire year’s gross domestic production.
Current Americans blithely expect future Americans
to limit their consumption to repay it
– a sweet dream that won’t come true. Future Americans won’t bear the brunt of other
peoples’ profligacy? They will reject higher taxes to cover the debt.
If the debt continues to grow faster than
the economy, the federal government would eventually go bankrupt. We would join
the crowd of six nations whose runaway inflation since 1945 has made their
savings worthless. Social Security and Medicare payments would stop. Banks and
insurance companies would go under. Widespread bankruptcy would prevail, and
consumption would fall sharply. It would be a miserable time, and Jews might
well get the blame.
Is there a happier scenario?
Yes. To pay the debt, the U.S. government
should auction to private interests the enormous amount of land it owns but
does not use. It should coordinate with other nations to sell to private
interests the world’s oceans and polar caps. To keep debt from rebuilding, the
Civil Service should be terminated and American government reduced by 90
percent.
By nature, government wants to grow. When
government is also the teacher, most students acquiesce. Therefore, government
should neither educate nor fund the education of anyone.
