It is doomed in a lot of ways. Morally. Demographically. Pretty much by any measure but especially fiscally because that is going to implode sooner rather than later.The problem is really insurmountable. There are tens of millions of people who get "free"stuff from the government and will demand that they continue to get free stuff with the threat of civil unrest if they don't. The government has incurred such a staggering amount of debt that the only way to deal with it is to either just pretend it never existed or devalue the currency so that it can be paid back with super inflated money. There is no political will and therefore there is no path back to solvency.
I don't really need convincing on this issue but every now and again something is said or written that reaffirms what I already know to be true. Today was one of those occasions brought to us by National Public Radio. Now NPR is already very close to a parody of itself by shoehorning "climate change" into virtually every news story. Today the topic was an interview with Peter Beinart from the Atlantic, 'Atlantic' Article Explores How Obama Thinks About Terrorism. The interview itself is mildly interesting, as if we need another look to understand that Obama and Republicans have completely different understandings of terrorism. I would suggest that they aren't as different as they may seem because both propose solutions that increase the power of the state. Two sets of collectivist politicians haggling over which fascist solution is best is not a real debate. Anyway, Beinart said something that really captures the mindset that is leading to the fiscal destruction of America in this exchange (emphasis mine):
But the bad news for Obama is the fact that the United States has more money because the budget deficit has declined and the fact that we are now further away from the trauma of Iraq means that we are moving into a more hawkish cycle - a cycle that I think he suspects could lead to dangerous overreaction which could strengthen our enemies.
Maybe I am overreacting but I just can't get over the foolishness of borrowing less money as an indication of having more money to spend. Writers for places like The Atlantic are supposed to be the bright stars of media in contrast to people who write blogs and rags like the New York Daily News but apparently not. With people like this driving the intellectual conversation in America we had better prepare for widespread chaos just down the road.