By Bradley J. Birzer
The American Conservative
As I write this second part of the series, the origins of the rise of the modern nation state, our own nation state looks—financially—nothing short of pathetic. At the end of 2017, the federal government’s official estimate for deficit spending is $666 billion. For all kinds of reasons, this is a really scary number, and not just because it causes one to think of the mark of St. John’s envisioned beast. Rrroawr! $666 billion is a number so terribly large that it is difficult for any of us—even those of us not suffering from innumeracy or apocalyptic dread—to comprehend. And, of course, this is just the recorded and admitted deficit spending for one year. That is, it accounts for those things the government admits to, on the books and on budget.
According to the U.S. Debt Clock, we’re at nearly $21 trillion in debt, and the number increases so quickly that seizures might very well result. As the number made my stomach turn, I thought, perhaps the site should come with a warning akin to those found on PS4 and Xbox games. That’s all we need, right? Another law and another regulation.
As Tom Woods and all sensible economists have recently claimed, the United States of America is simply insolvent. The only shocking thing is that no one in the mainstream media or financial institutions seems to care.