“As for me, I would prefer we have reality and do the tough times now as opposed to saddling future generations with a TRILLION DOLLARS of debt.”
I agree with you. At this point we aren’t going to pay that debt back, and neither will our children. The pain will only come when the market for US government debt starts to believe that it won’t be paid back and demand higher, even much higher interest rates. That may even start today, it may not.
Our politicians (including GOP politicians) will not do anything but attempt to keep the status quo intact. The markets, as distorted as they are now, still will rule. It will just be uglier than if we took responsibility for our actions.
My mom and dad went through the Depression and taught me to live in a fiscally conservative manner. And in 1989 when the oil field crashed and I was out of work with a wife in law school in NYC, a mortgage and baby on the way I drove a cab in Texas for 18 hours a day to pay for her school and the mortgage. I ate Ramen noodles and peanut butter and never turned on the heat in my house.
We made it without the Government stepping in to help and I will make it again without a handout from the government.
People today are soft and it is not just the people that are soft but the American corporation that seeks to use my tax dollars to correct their mistakes.