by Lewis Marshall, PhD Candidate in Chemical Engineering
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt […] That’s irresponsible. It’s unpatriotic.” — Barack Obama
“[T]his debt is a mortal threat to our country. […] It is immoral to bind our children to as leeching and destructive a force as debt. It is immoral to rob our children’s future and make them beholden to China.” — John Boehner
I have bad news. America does not understand debt.
We understand personal debt well enough, and we are super judgmental about it. The iconic howl of rage at debtors [1] came from Rick Santelli in 2009, right after the financial collapse:
“The government is promoting bad behavior [with mortgage modifications and the stimulus.] How about this, President and new administration? Why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages; or would we like to […] reward people that could carry the water instead of drink the water?” Continue reading