While the debate over the raising, lowering, or demolishing the debt ceiling is new(ish), the fact that the federal government’s financial house is in disorder is a situation that has existed for over a century. The last few Presidents (of both parties), in collusion with an all too compliant Congress (regardless of which party was in the majority), have spent money on a scheme of government expansion that would drive any nation into the abyss of fiscal desolation in which America now finds itself.
For example, Democrats, whether in the White House or on Capitol Hill, zealously protect their core bloc of voters by throwing themselves in front of any legislative attack on any of the myriad entitlement programs that assure their electoral success and support.
Republicans, on the other hand, are equally vigilant in their watch over the corporate welfare that lines the pockets of their big oil, big bank, military industrial complex-connected cronies. Some of this money, they rightly assume, will find its way into their own campaign coffer, thus perpetuating the cycle of deceit and destruction.
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Photo: Statue of George Washington in front of Federal Hall National Memorial in New York.