Debt will ruin this country. Debt will steal our liberties and destroy our way of life. This debt burden we have is so large, that even if we do everything right in terms controlling spending etc., it is not at all certain we will ever recover. But I don't think the American people get it. I just don't think they realize the implications of such a unimaginable amount of debt. I think they think it will all be worked out and somehow we'll come through this like we always have. I once held that view but I'm growing increasingly pessimistic.
I believe in American Exceptionalism. I believe the Constitution is the greatest political document ever written. And I also believe if adhered to and respected, prosperity and freedom will follow as day follows night. But if we stray from the course, if we grow tired of its restraints that limit our ability to "do good", if our arrogance extends beyond the point of reason, we as a nation and society will be diminished.
Britain's experience teaches us a valuable lesson. Prior to World War I Great Britain lived by the rule that her navy must be twice as big as the next two biggest navies, plus 10%. In 1918 Britain had over 60 battleships, 120 heavy cruisers and about 470 destroyers. She had a big empire to protect and that's what it took to do the job. By 1925 her fleet was a shadow of its former self and the empire was soon to follow. What happened? A war DEBT, that's what happened.
What can we conclude when the greatest (and healthiest) empire since the Romans is brought down in less than 10 years due to crushing debt? My conclusion is it can happen to us.