Writing the Introductions for City Club’s Weekly Newsletter is the highlight of my week and one of the hardest things I do each week since English is not my native language. Writing a weekly 350-word essay is a process by which I try to research an important topic I do not fully understand, hoping to further my understanding by putting pen to paper and engaging our diverse and thoughtful membership to participate and offer opposing opinions and perspectives.
The recent debt-ceiling negotiation in Washington is one such topic, which to me was a political circus to distract the American public from the real problem: As a nation, we have more debt than the rest of the world combined. The $31.4 trillion that got all the attention in the recent debt ceiling debacle is small potatoes in the context of the additional ~$80 trillion of so-called unfunded liabilities representing Social Security, Medicare, and other programs.
Since no rational person can reasonably argue we could organically grow out of such a gargantuan debt with our $23.6 trillion GDP, the looming question comes down to what follows. What does history tell us?…
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