"It took the United States 209 years, from the founding of the republic till 1998, to compile the first $5 trillion in national debt. In the decade since, $6 trillion in debt has been added. This means the United States has borrowed more money in the past decade than in all our previous history combined."
Now, clearly things have changed since the beginning of the republic, however that is an astonishing thing to think about. Easterbrook is not someone I totally trust on these things, but he is right here. The national debt is going to destroy our future economy. Easterbrook is long winded and generally comes off as a prick, but he is a good read every Tuesday. Anyhow, it's looking as if the greed of 3-5 years ago is going to go unpunished. How can that happen? Kenneth Lay is the poster-boy for every Wall Street investment banker.
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