Monday, June 12, 2017

Why Should We Care About The Great Depression?

I'll use an old phrase:  Those who refuse to learn from history are doomed to repeat it.

We have become a hyperconsuming culture in the United States, where we want to live like a celebrity, without the pay of a celebrity.  As was said on the Oprah Winfrey Debt Diet show, "we want the bling".

Let's give it some historical context, shall we?

Did you see what happened in the Great Depression?  Our national debt was at 44%, and that was before the New Deal.

The problem is the citizens of the United States don't support our national spending with bonds, that has been outsourced to other countries.  Because of this, the American people have lost focus of what this debt means, and how it will eventually come due in the end.

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