In these last many years beginning in the late 90’s and early 2000’s it seems as though the current times have taken on a ‘Déjà vu’ to the early years of the 1960’s. A time when our government and those elected turned a corner with adoption of “The Great Society” and “War on Poverty” welfare reforms and subsidized educational opportunities.
The writings of Robert Higgs from 2011 still seem to summarize best these two periods side by side, and in comparison of how we have come to have a national debt that is financed on future income taxes, but then only covering the interest obligation payments.
Currently we see President Biden, who is promoting his current agenda for America, repeating 1965 President Johnsons’ plan, which will again take the same path to borrow against even more future income and create an even larger debt with the ability to pay only interest.
It is the very same financial instability that has prevented a balanced budget for the last 58 years. The very people who it was intended to help are not better off and continue to be subject to these failed policies and outcomes financed on borrowing and dubious future pay downs.
If the current proposed budget is adopted it will only perpetuate the same outcomes as passed since 1965, only we now have open borders with no policy. The estimated number of ‘new’ residents crossing and remaining is currently estimated to be 12 million. They have arrived for many reasons that will and does provide them of our Federal programs and support services. We have already saddled our next two generations with obligations that we cannot meet now and which have not proven to be effective or show a return on.
When do voters say enough?
You can find some of the relative writings of Robert Higgs at https://www.independent.org/publications/article.asp?id=3157.