Runaway National Debt — Is Bankruptcy Guaranteed?

How I Learned To Stop Worrying and Love the Debt

A semi-serious look at why America’s outsized debt is wonderful

Photo by Luca Nicoletti on Unsplash

I’ve been worried about the national debt for a while. My instincts were screaming at me that the path America is on is unsustainable.

• From my economics training and my MBA to years spent reading financial statements in business, all signs pointed to rough times ahead.
• Not to mention the lessons of human psychology and how individuals and societies respond to incentives. “You mean we can spend all the money now and someone else will have to deal with it?”

Today I’ll share how I learned to stop worrying and love the debt.

Consider How Much Good Has Come From Debt Spending

America’s economy is the world’s largest, and our material wealth is staggering. With just four percent of the world’s population, we consume 16% of the world’s energy and generate 12% of the world’s waste.

We are living in times of plenty that would have been unimaginable a few generations ago. And we have our ability to incur debt to thank for much of it. We can effectively borrow and spend any…