Former Senator Alan Simpson recently spoke with Financial Sense Newshour to give an “inside look” at Washington politics and the difficulty of implementing entitlement and tax reform.
With U.S. debt levels currently over $17.5 trillion and growing, Simpson voices the concern of many objective observers and wonders when America’s foreign creditors will say, “Enough is enough. Pay us more interest or we’re not buying.”
Although this may result in an additional hardship for many as they age, we should note that this will probably reorient more of the caretaking responsibility away from the State and the nursing home and back towards a more traditional arrangement seen outside the U.S. where such care (shelter, food, transportation, etc.) is provided by the family.
Although it’s easy to point the finger at special interest groups and politicians for America’s bad spending habits, Simpson implies that this problem largely reflects a nationwide mindset of always wanting more and refusing to make sacrifices.
What is the result? A country that goes deeper into debt.
The former Senator of Wyoming ends by saying, “Gold is the money of kings. Silver is the money of gentlemen. Barter is the money of peasants. And debt is the money of slaves.”
Source Financial Sense
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