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Contra Yellen, the Debt Isn't Sustainable
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America’s financial health is in trouble, and while government spending continues unabated, most Americans, including politicians and others, seem too preoccupied to care.
America’s financial health is in trouble, and while government spending continues unabated, most Americans, including politicians and others, seem too preoccupied to care. The country’s national debt is currently 35 trillion dollars, or over $100,000 per person. And despite recent reassurances by Janet Yellen, the Secretary of the Treasury, that the “debt is sustainable,” sustainable debt makes our society less so, with the United States having a debt-to-GDP ratio of 122%, one of the highest in the world.
In the strictest sense, Yellen’s statement is correct. Yes, the United States government can afford to pay the interest on the debt given the current economic environment, but it is also wrong given the fact that the debt is making our economic well-being less sustainable by suppressing the rate of growth necessary to maintain the debt-to-GDP ratio. Economic growth occurs through investments in capital, infrastructure, and technology. Investments in large scale government projects, if spent wisely, can boost economic output, but the government can’t afford to invest as much as it could when 870 billion dollars each year go to paying the interest on the debt. How does that affect you and me? Interest on the debt is money that is dead to the economy. That dead money cannot help you get where you want to go when you are stuck in traffic, or build you a faster internet, or lower your energy bill. In each case, there is a loss of productivity. So why should we accept this outcome? More broadly, when did our society become OK with servicing such a large debt load?
Politics
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Liberal Democracy Reexamined: Leo Strauss on Alexis de Tocqueville
This article explores Leo Strauss’s thoughts on Alexis de Tocqueville in his 1954 “Natural Right” course transcript.
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Long Distance Migration as a Two-Step Sorting Process: The Resettlement of Californians in Texas
Here we press the question of whether the well-documented stream of migrants relocating from California to Texas has been sufficient to alter the political complexion of the destination state.
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Who's That Knocking? A Study of the Strategic Choices Facing Large-Scale Grassroots Canvassing Efforts
Although there is a consensus that personalized forms of campaign outreach are more likely to be effective at either mobilizing or even persuading voters, there remains uncertainty about how campaigns should implement get-out-the-vote (GOTV) programs, especially at a truly expansive scale.
There's a Perception Gap With the U.S. Economy
As we approach another election cycle, it’s worth asking: what’s real, what’s political theater, and what does it all mean if Democrats regain control of the House?
International Law Is Holding Democracies Back
The United States should use this moment to argue for a different approach to the rules of war.
Trump purged America’s Leftist toxins. Now hubris will be his downfall
From ending DEI madness and net zero to securing the border, he’ll leave the US stronger. But his excesses are inciting a Left-wing backlash
California’s wealth tax tests the limits of progressive politics
Until the country finds a way to convince the average American that extreme wealth does not come at their expense, both the oligarchs and the heavily Democratic professional classes risk experiencing serious tax raids unseen for decades.
Storm Over the Appointment Process
This is not your grandfather’s appointment process; in fact, it’s not even your older brother’s.
The Clash of Civilizations at 30
Three decades on, Huntington did not foresee the extent to which the West would erode, but he did perceive the warning signs.
