I ACTUALLY AGREE with Alexander Cockburn on something. World to End Tomorrow.
I propose, then, a seemingly drastic but actually far less destructive way of paying off the public debt at a single blow: out-right debt repudiation. Consider this question: why should the poor, battered citizens of Russia or Poland or the other ex-Communist countries be bound by the debts contracted by their former Communist masters? … Similarly, we the living did not contract for either the past or the present debts incurred by the politicians and bureaucrats in Washington.
I’ve long thought something the like, if I haven’t said much about it to anybody but myself on long drives and commutes. (What? You don’t talk to yourself when you’re alone in the car? What a sad, sad person!)
I confess I don’t have enough information to describe — or even imagine — the actual mechanisms of such a thing. I certainly don’t trust that politicians would or COULD get it right. But I’ve had this nasty suspicion that, at the end of the day — similar to the quick pull-off of a bandage — the only real solution to the massive government bloat is repudiation of the national debt, the staking of Social Security in the heart, and simple sunsetting of MediCare, the shutting down of government departments wholesale (and willy nilly) with their staffs being RIFed by attrition if nothing else.
And, that if it could be accomplished quickly by some magic silver bullet, it would actually cause less harm, and provide for a quicker return to prosperity for America than any other course of action or inaction.
But I also suspect that the ONLY way it could ever be accomplished would be by some magic, silver bullet, and that means either a Constitutional crisis or an out-and-out revolution, either of which could spin out of control and cause us to crash and burn. Success would be a narrow thing — and a matter of losing the fight right up to the moment we’d win. In short, it would mean dark, dark times.
“Ooh! Pret-ty scarry!” — Count Floyd.
Wow! EVERYTHING is on Wikipedia!