Many politicians and statist economists claim that the huge and growing federal debt isn’t really a problem and actually say that we’d face a calamity if the feds aren’t given the authority to borrow more. In this article, Judge Andrew Napolitano, a man who is capable of thinking about the long-term, explains here why the government’s debt is a problem that is getting rapidly worse.
He brings in some interesting history, going back a century to the disastrous presidency of Wilson. Wilson signed the first income tax law, promising that rates would not go above 3 percent. Sounds rather like Obama’s promise regarding your ability to keep your existing insurance and doctor under Obamacare.