“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”
– Norm Franz, Money & Wealth in the New Millennium
“The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.”
– John Adams, First Annual Address to Congress
Executive Summary
- U.S. national debt tops $20 trillion for first time after debt ceiling is suspended again.
- Interest on the national debt is half a trillion dollars even with historically low interest rates.
- The national debt is a burden on ourselves, children and grandchildren essentially enslaving future generations as we put them on the hook for our profligacy.
- The national debt also acts like an anchor dragging on economic growth.
- Potential solutions (good and bad) include reduced spending, higher taxes, money printing or outright default.