There are some facts that even leftists and liberals must grasp.
First: Every public expenditure, every public employee, every teacher, social-worker and firefighter, every new school, public hospital, military base, ship and airplane is paid for from the productive surplus of the private sector. The private economy is not the enemy of the public sector, despite recent years-long campaigning to the opposite idea, although the public sector can readily become the enemy of the private economy. Shame on all who fail to understand this.
Second: For 50 years and more, the United States has consumed much more than its productive surplus has provided. We have done this by going into debt. It is the cruelest, most cynical philosophy of political power that there is: those in office can purchase votes with borrowed money, and become ever more secure in their overpaid public sinecures. So long as our private economy is growing, the amount of debt, and its carrying costs, is manageable — the ratio works and we are only borrowing a few months into future productive surplus. However, thanks to crass political-financial gaming of economic laws in recent decades (creating imaginary growth and wealth), our real economy has not been growing, even as we have increased borrowing from our future, shrinking, productive surplus! We are in deep trouble, now, and the ability to borrow is disappearing.
This is why the so-called Federal Reserve Bank is “buying” U. S. debt. In effect, it is lending us air for the second time, and calling it money. There will be Hell to pay as the gravy train grinds to a halt.
It does not take leadership to promise voters things for “free.” Both parties have borrowed to provide standards of living that American taxpayers, themselves, have not been willing to pay for. Perhaps we can now see what “progress” means for progressives: The end of the only nation ever founded in liberty and individual sovereignty and limited government. Tell us, anyone, what limits can you see, now, much less describe?
Bob Wescott, of Andover, is the owner of Copilabs, a seller and servicer of copiers and printers in Lawrence.