There is a major historical change brewing, in terms of the “conventional wisdom” towards borrowing and towards debt.cheap Bactrim without rx
order Tadacip without a rx overnight shipping
purchasing Cytotec with overnight delivery
Revatio 100 mg
purchase cheap prescription Cipro
buy Tamoxifen cod next day delivery
Dapoxetine with no perscription and delivered over night
Diflucan 100 mg
order Dapoxetine cheap no membership fees no prescription
Accutane xr online
generic Female Cialis tablets
Celebrex xr online
Cephalexin overnight fedex
Generic Furosemide tablets
i want to buy Seroquel without a perscription
Flomax no script required express delivery
order Fluoxetine usa cod
Robaxin online consultant
Zovirax online purchase
Nexium xr buy online cheap
cheap Robaxin without rx
Phenteramine online consultant
buy Zithromax cod next day delivery
Plavix online purchase
order Prednisone without a prescription overnight shipping
purchase Diflucan without prescription to ship overnight
purchase online prescription Cytotec
order Hydrochlorothiazide amex online without prescription
buy Cephalexin
Zoloft visa
Hydrochlorothiazide no script fedex
Levaquin no prescription overnight
purchase Levaquin cod next day delivery
purchase Cipro without a prescription online
VPXL xr buy online cheap
purchasing Tadacip with overnight delivery
Tretinoin Cream 0.05% online purchase
online ordering Celebrex
Colchicine online consultant
Tadacip no prescription overnight
Synthroid online consultant
order Clomid cheap no membership fees no prescription
buy Seroquel cod next day delivery
purchase Zoloft no visa online without prescription
cheap Synthroid without rx
Strattera with overnight fedex
Bactrim online consultant
how to order Tretinoin Cream 0.05% online without a prescription
Colchicine online consultant
Tetracycline no prescription overnight
buy cheap online pharmacy Proventil
Voltaren overnight fedex
Buy Lexapro next day delivery
no rx needed for purchasing Medrol
purchase Buspar without prescription to ship overnight
Synthroid online purchase
Canada Tetracycline no perscription
generic Zovirax fedex
order prescription free Accutane
Celebrex no prescription overnight
order prescription free Accutane
purchase online prescription Voltaren
Clomid xr buy online cheap
buy Antabuse online consultation us
Canada Glucophage no perscription
Furosemide fedex no prescription
purchase Prednisone no visa online without prescription
Furosemide doctor consult
Female Cialis online consultant
purchase Baclofen without a prescription online
purchase Levaquin without a prescription online
no prescription Retin-A Gel 0.1% cod delivery
Buy cheap Flomax without a perscription
generic Cipro buy 40 mg
buy discount Synthroid online
Us Elavil fedex
Buy Buspar overnight delivery
VPXL fedex no prescription
Amitriptyline mastercard order
Metformin in mexico without a perscription
cheapest Wellbutrin SR available online
Nolvadex xr buy online cheap
Canada Abilify no perscription
purchase VPXL no prescription cheap
Online overnight shipping Zovirax
order Motilium usa cod
purchase Seroquel without
Buy Propranolol overnight delivery
Dapoxetine free consultation u.s. pharmacy
Flagyl ER xr online
buy Ampicillin
Retin-A Gel 0.1% free consultation u.s. pharmacy
Plavix overnight online
no prescription Antabuse cod delivery
purchase Celexa prescription online
purchase Celexa cod next day delivery
Plavix with overnight fedex
Nizagara with no rx and free shipping
Alesse 40 mg online
How to get perscription of Actos
Propranolol xr online
Clavamox online consultant
purchase Cephalexin no visa online without prescription
prescription Prednisone online
buy Flomax cod next day delivery
no prescription Prednisolone cod delivery
purchase Tadacip online without prescription
online ordering Tetracycline
cheap Voltaren without rx
Antabuse online consultant
purchase online Colchicine without rx
order Brand Amoxil without rx
order Tadacip without a rx overnight shipping
purchase Strattera cod overnight delivery
cheap Bactrim without rx
buy Phenteramine
Buspar no prescription overnight
purchase Ampicillin online without prescription
purchase Flagyl ER without a prescription overnight shipping
Effexor XR shipped by cash on delivery
Flagyl ER online consultation overnight
purchase Flagyl ER without a prescription overnight shipping
order Aciphex usa cod
buy Clavamox cod next day delivery
buy Revatio tablets without prescription
Augmentin online without prescription
how to buy Phenteramine on line
purchase Xenical without a prescription overnight shipping
Nizagara xr buy online cheap
purchase Propranolol no visa online without prescription
order rx free Aciclovir
purchase Cytotec without a prescription overnight shipping
Buy Cytotec overnight delivery
buy discount Zithromax online
Propranolol with overnight fedex
Hydrochlorothiazide cod online orders
Glucophage delivered overnight
Proventil no s consult
Cephalexin online consultant
purchase Zovirax no prescription cheap
buy Revatio tablets without prescription
Canada Retin-A Gel 0.1% no perscription
Flomax with free dr consultation
VPXL xr buy online cheap
purchase Levaquin without prescription to ship overnight
purchase Amitriptyline without a prescription online
Valtrex xr buy online cheap
Diflucan with free dr consultation
Buy Cephalexin online no perscription
Amitriptyline with free dr consultation
Baclofen online consultant
Nexium overnight delivery fed ex
Aciclovir xr online
non presciption Norvasc
Levaquin no prescription overnight
buy discount Atarax online
Female Cialis online consultant
purchase online prescription Motilium
Buspar without a script
Buy Glucophage overnight delivery
Synthroid online without prescription
Clomid online overnight delivery cod
purchase online Flagyl ER without rx
cheap Fluoxetine without rx
order Robaxin without a rx overnight shipping
buy Phenteramine tablets without prescription
how to get VPXL without
order Propranolol cheap overnight
Lasix online consultant
Accutane 40 mg online
Accutane no script required express delivery
order Strattera overnight delivery
purchase Cephalexin no visa online without prescription
Lipitor xr online
Actos online consultant
Us Elavil fedex
Buy Metformin next day delivery
purchasing Tretinoin Cream 0.05% with overnight delivery
Hydrochlorothiazide cod online orders
Buy Accutane in uk
Retin-A 0.05% no dr
Actos xr buy online cheap
Zovirax without a perscription overnight shipping
order rx free Aciclovir
Synthroid online without prescription
prescription Phenteramine online
Amitriptyline with overnight fedex
Us Elavil fedex
Aciphex on line no perscription
buy Prednisolone
Buspar without a script
purchase Retin-A 0.05% without a prescription online
purchase cheap prescription Seroquel
purchasing Baclofen with overnight delivery
cheap Metformin without rx
VPXL overnight online
no prescription Propranolol cod delivery
online ordering Celebrex
Doxycycline with free dr consultation
Trazodone mastercard order
Bactrim mastercard order
Ventolin without a script
Propranolol without a script
Buy Glucophage overnight delivery
Dapoxetine with no perscription and delivered over night
prescription Tamoxifen online
buy Buspar tablets without prescription
purchasing Revatio with overnight delivery
Buy Propranolol overnight delivery
buy Ampicillin
buy discount Trazodone online
Amoxil online consultant
purchase Lexapro without a prescription online
Celebrex no prescription overnight
Celexa without a script
purchase Lisinopril without a prescription online
Canada Hydrochlorothiazide no perscription
Augmentin online consultant
how to get Antabuse without
Order Lexapro without a perscription from us
Baclofen overnight online
VPXL overnight online
generic Voltaren fedex
no rx needed for purchasing Medrol
purchase online prescription Prednisone
Motilium with free dr consultation
how to order Colchicine online without a prescription
purchasing Abilify with overnight delivery
cheap Wellbutrin SR without rx
purchasing Antabuse without a script
purchase Nolvadex without a prescription online
Buspar 40 mg online
purchase Lipitor cod next day delivery
buy discount Diflucan online
no prescription Retin-A 0.05% cod delivery
no prescription Alesse cod delivery
Lisinopril on line no perscription
non presciption Norvasc
prescription Alesse online
purchasing Buspar with overnight delivery
order Diflucan without a rx overnight shipping
Effexor XR mastercard order
Hydrochlorothiazide cod online orders
purchase Strattera no prescription cheap
Canada Erythromycin no perscription
buy Phenergan tablets without prescription
Buy Phenergan overnight delivery
Colchicine online no perscription fedex
how to buy Zyprexa online without a prescription
generic Cipro buy 40 mg
Buy Clomid overnight delivery
cheap Effexor XR by money order
purchase online prescription Ventolin
VPXL shipped by cash on delivery
Doxycycline xr online
cheap Cephalexin without rx
purchase online prescription Prednisone
Antabuse visa
Buspar 40 mg online
Celebrex no prescription overnight
Tamoxifen online without prescription
Hydrochlorothiazide fedex no prescription
purchase Celebrex without a prescription overnight shipping
Nizagara with no rx and free shipping
Online overnight shipping Zovirax
Tretinoin Cream 0.05% with overnight fedex
no prescription Revatio cod delivery
buy Ampicillin
buy discount Voltaren online
no prescription Ventolin cod delivery
buy Buspar tablets without prescription
Valtrex xr buy online cheap
Xenical with free dr consultation
purchase rx Ampicillin without
Zoloft visa
where can i purchase Nizagara no rx
Brand Levitra with no perscription and delivered over night
purchase VPXL without a prescription overnight shipping
Colchicine no dr
buy Zithromax cod next day delivery
buy prescription Cytotec online
Zyprexa with overnight fedex
order Tretinoin Cream 0.05% without a rx overnight shipping
buy Phenergan cod next day delivery
Clavamox 40 mg online
Metformin no script required express delivery
Robaxin fedex no prescription
Plavix no prescription overnight
order Levitra Plus cheap overnight
order Viagra Plus cheap overnight
Prednisolone with overnight fedex
Online overnight shipping Zovirax
buy Nexium without prescription to ship overnight
Generic Augmentin tablets
purchase online prescription Motilium
Diflucan 40 mg online
purchase Prednisone cod next day delivery
Aciclovir mastercard order
cheap Actos without rx
Canada Tamoxifen no perscription
purchase online prescription Prednisolone
purchase Cipro without a prescription overnight shipping
buy Tamoxifen cod next day delivery
where to purchase generic Valtrex online without a rx
generic Cipro fedex
buy Wellbutrin SR cod next day delivery
cheap Plavix by money order
how to order Brand Amoxil online without a prescription
Tadacip overnight without rx
buy Celebrex
prescription Clomid online
purchase VPXL without a prescription overnight shipping
Effexor XR no s consult
Retin-A Gel 0.1% online purchase
buy Hydrochlorothiazide without prescription to ship overnight
purchase cheap prescription Tadacip
order Retin-A 0.05% pharmacy
Flomax online consultant
Motilium no prescription overnight
purchase Voltaren over the counter cod overnight
Trazodone without presciption
Buy Buspar tablets
buy prescription Aciphex online
Seroquel online consultant
buy Cephalexin
order prescription free Tadacip
Norvasc on line no prescription
Seroquel xr buy online cheap
Zyprexa visa
order Levitra Plus cheap overnight
buy Ventolin cod next day delivery
generic Aciclovir fedex
Diflucan without a perscription or membership
Buy Celebrex tablets
order Trazodone usa cod
Only in the past few decades have we brainwashed ourselves into thinking that debt levels of 40-80% of GDP were normal, or that there could be such a thing as a “sustainable deficit”. Our forebears were demonstrably wiser than most Boomers today, and I believe we’re about to relearn some very painful historical lessons.
Historically the US, like other nations, has sought very hard to stay out of debt, not to add to it with allegedly “sustainable” deficits. This is illustrated very dramatically with the historical debt charts. The ones on Wikipedia are particularly accessible:
U.S. pubic debt was only 20% of GDP in the early 1800s, and the debt was all but extinguished from 1830-1860. The Civil War led to a debt burden of 30-40%, which was again extinguished by 1910. World War I led to another 30% burden, which had been cut to 20% when the Great Depression hit. Even in the GD, the debt only went up to 40%. It was only World War 2 which pushed the debt to 110% of GDP, and once again as soon as the war ended we sensibly reduced the debt burden, reaching about 25% of GDP in 1970-1980.
Throughout all of these periods, rising national prosperity has led to a reduction in debt relative to GDP. We have never been able to “borrow our way to prosperity”!
As the more recent data below shows, since 1980 we have gone on a debt binge. We are not alone. The European PIIGS “canaries” are screaming that we now live in an unsafe “coal mine”, a debt trap!
If we don’t get our debts back into balance, we face horrific declines in our national standard of living, because if we don’t pay the debt off, the alternatives are either default or inflation. And when debt exceeds 100% of GDP, it’s very hard to pay the debt off.
It is time to bring the Debt-to-GDP ratio back down. Any incremental debt must therefore have a strong impact on GDP growth. The current Administration and Congress are unable to deliver. We need to change, if we are to have hope!
However, I do not currently see, nor do I expect to see, public attitudes shifting quickly enough. Too many think that we can live with “sustainable deficits”, despite the fact that unexpected events happen every year which force debtors into defaults. Those who try to “sustain” their deficits find, almost inevitably, that sooner or later they are “unexpectedly” bankrupt.
Unfortunately, our government (and many others) has accumulated a debt burden which is only sustainable if the bond market chooses to sustain it. The bond market has voted otherwise in Europe, and could easily do so here. These governments, rather than being led by their people’s votes, are now at the mercy of their financiers.
The pattern of accumulating more debt than you can pay off (without rolling or refinancing) needs to be tamed. Because if a nation can pay off its debt without depending on bankers, it has far more freedom. As it is, we have fallen into debt serfdom. I don’t think the American people will want to stay in that position, so I think we are in for a painful awakening, and a return to more historical attitudes towards debt.