The fact that the U.S. national debt has surpassed $19 trillion raises a number of important concerns. What are the consequences of amassing such a large public debt? How will it affect the future of our children and grandchildren? Will the government increase our tax burden? Is this just a house of cards waiting to collapse? These are only a few of the questions on the minds of Americans as we face the largest debt in our nation’s 240-year history.
In this article, we will look at the factors that opened Pandora ’s Box and created the environment for Congress to overspend. As I write this, a couple of axioms come to mind. To paraphrase, “If we fail to learn from the past, we are destined to repeat our mistakes.” Also, “The longer one lives, the greater their perspective.” It is my sincere hope that these words will help broaden our perspective and, with a splash of history, shine a light on the road ahead before it is too late. Keep reading as we recap where we have been, look at where we are now, and discuss where we are heading.
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