My son is a senior at a relatively small Catholic school. He is on the tennis team that rents courts at one of the three middle schools of a large public school district. Our private school lacks funding for such things as courts, football field, etc. The tennis complex we use has eight excellent courts and I noted at the first match last week that the fencing around them was freshly painted. This school district recently constructed a beautiful new high school. It has two basketball annexes, with four courts each, running track and exercise rooms. These annexes are in addition to the schools’ regular athletic facilities. No expense (actually debt at $122 million) is too much for our common core kidlets. The citizens of this district (my family included) really exemplify the civil society our Founders foresaw. While living our lives none of my peers have any awareness that America, Europe, Japan etc. are insolvent. We are still painting our tennis court fences every year like we have unlimited digital currency.
Through little fault of our own we have been encouraged to live way beyond our means, and we have obliged. 70 percent of GDP is consumer spending and political and financial leaders (sic) have cheered us on. Whether spending our own funds or the government-dependent groups spending collectivist bucks, we have made these leaders very happy. But this party is coming to an end.
While the popular- themed Federal Deficit amount is an “astounding” $17 trillion, this isn’t even close. Including all of the unfunded obligations, the true amount of debt is more than $100 trillion. Every so often a figure close to this wanders into the MSM and is quickly surrounded and attacked, like a bacteria. Usually two points are made to remove the scare from $100 trillion. First, this amount will be needed over many decades, so no problem. Secondly, we owe it to ourselves. Nothing to see here, just keep driving to the mall.