I certainly agree our nation is leaving its grandchildren far too much debt. We’ve lived lavishly, made bad decisions, demanded excessive pay and paid far less in taxes than our grandparents did. Now we must pay the piper.
There is, however, one number that’s more important than our national debt. And that’s our nation’s net worth. Our country’s assets and infrastructure are still valued far higher than its debt. We’re not under water.
If we borrow to pay our idled labor to upgrade our depreciating infrastructure, we can increase our nation’s assets without lowering its net worth, thus creating a more efficient country and great work experiences.
If we have to borrow another $10 trillion to improve our national assets by $10 trillion, we’ll not only curtail our nation’s depreciating net worth and put people back to work, we’ll give them good job experiences and better hope for the future. Of course, we’ll need to tighten our belts, work harder and pay more taxes.
Now I understand how folks who refuse to reason and don’t understand finance will think that this smacks of communism. But you’ll notice I’m not attacking capitalism – nor do I intend to.
Just think it through.