No worries, America. Debt is a preoccupation of the fringe, a mere distraction for anyone interested in progress. And anyway, as President Barack Obama explained this week, “we don’t have an immediate crisis in terms of debt. In fact, for the next 10 years, it’s going to be in a sustainable place…”
…Right now, we’re spending more money to pay interest on debt than we’ll spend on education, homeland security, transportation and veterans’ benefits combined this year. Surely, there’s something better to spend that money on. And those interest payments are a significant tax on Americans—a debt tax that Washington doesn’t want to talk about. And just wait until interest rates rise, because at some point they will.
Hey, I didn’t even come up with the previous paragraph. I cribbed it from a speech given on the Senate floor in 2006 by an up-and-comer named Barack Obama. He’s so articulate I couldn’t resist. But those were the stormy days when debt mattered because Republicans were, well, Republicans.