Writing today in Times Union, two former Representatives sound the alarm on the issue of our time.
At first glance, all seems well with our national economy. Gross domestic product growth is exceeding 3 percent and wages are rising. Companies report strong earnings. Unemployment is at 50-year lows. The stock market, while volatile, is near record highs.
All of this belies the existential dangers lurking.
The reality is that our exceptional way of life is threatened by a nearly $22 trillion debt and projected trillion-dollar deficits for as far as the eye can see. This comes at a time when our political system is broken, and our national leaders are seemingly incapable of coming together to solve our most pressing problems.
History has not been kind to countries that compile massive debt. Renowned Scottish philosopher David Hume once said, “A Nation must destroy its debt or debt will destroy the Nation.” The Roman Empire and Soviet Union, among others, experienced this fate.