Starting with George W. Bush and continuing through Barack Obama's second term the U.S. will have approximately 16 years of federal deficits of about $1 trillion per year. That's well into a full generation of an unreal economic heretofore never experienced by any generation of peoples in recorded history. Before this time people created value and wealth the old fashioned way. They worked and saved. Now congress and the executive along with judicial activism mandate money be created to support the brave new world of equality. Equality before the law and increasingly equality in results. We had deficits before. But on a much smaller scale. Notably the Lyndon Johnson presidency. At that time Johnson and Congress funded the Viet Nam War and an expansion of entitlements without regard to how they were to be paid. Two people raised in that poorly thought out period were the same George W. Bush and the same Barack Obama. They saw. They experienced. They copied. Hence the mess we are in today.
What will the sixteen years and counting experience of $ 1 trillion deficits coupled with $ 1 trillion Federal Reserve purchases of government securities do to young and immature minds who are forming a basis of approaching life? Will G.W. Bush and B. Obama look frugal in comparison?
One thing for sure. Afghanistan will not change as much compared to what the U.S. will experience in difference in the coming years..
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