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Perpetual Debt, Perpetual War

By David Stockman | 27 May 2022

ANTIWAR — It’s always useful to visit the museum in order to offset the recency bias that distorts perceptions of current realities.

In the great scheme of things, the picture below is admittedly not that ancient – from just 42 years ago. But it is nevertheless a museum piece because it pertains to a matter that has long since faded from the scene. Namely, the public debt and in this instance the day when your editor was compelled to warn the Gipper that the Federal debt was about to cross the dreaded one trillion dollar mark. Back then, that prospect gave one and all the fiscal heebie-jeebies.

1/28/1981: President Meeting with David Stockman, Don Regan, Murray Weidenbaum, and Martin Anderson to discuss the economy in oval office

Massive public debt was viewed as an immoral imposition on future generations and an economic scourge on the present. That’s because when properly financed in the bond pits it drove up interest rates, thereby crowding-out household and business borrowers and economic growth and rising prosperity on main street.

No more. Massive fiscal deficits year-after-year have become a way of life in the Imperial City, but even then CBO’s latest 10-year forecast is a shocker. It shows that even if there is no recession for the next ten years (fat chance!) and existing tax and spending policies (dashed red line) remain in place without enactment of a single new spending program or tax cut (even fatter chance!), the deficit will exceed $3 trillion per year by the end of the decade. […]

1 Comment on Perpetual Debt, Perpetual War

  1. Perpetual Debt, Perpetual War
    Dodd Report to the Reece Committee on Foundations – 1954 – Robber Baron Hijacking of the USA
    Page 8 anti defamation league
    ???????? WTF ??????????
    Transcript of Norman Dodd Interview”
    Whereupon, I got my first shock, which was a statement from them to this effect: “We will never see sound banking in the United States again.” And they cited chapter and verse, to support that statement.

    And the question is this: Is there any means known more effective than war, assuming you wish to alter the life of an entire people?

    Griffin: This charge of anti-Semitism is kind of intriguing to me. What was the basis of that charge? Was there any basis for it at all?

    Dodd: The basis used by the Republican National Committee was that the intelligence officer I had taken on my staff — when I oriented this investigation to the exposure of, and proof of, a conspiracy —

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