It worth taking note that the United States government has just surpassed the $18 trillion mark. Of course, that is almost a symbolic mark given the avalanche of debt coming in the form of unfunded future liabilities. Most of these unfunded liabilities are related to promised spending on Social Security, Medicaid, and Medicare, but there are sources as well. We have seen credible sources estimate these liabilities in excess of $200 trillion, but even more optimistic estimates will see the national debt swell to $100 trillion in just a few decades. Still worse, such estimates could easily underestimate the final tab given current trends in Washington, DC and what amounts to an illegal process, that used to be called “budgeting” in Congress. Everyone ought to familiarize themselves with the implications of these trends which include among other things, national default and hyperinflation. This is a big part of why Americans are leaving the country and renouncing their citizenship in record numbers.
Repudiating the National Debt
AUDIO/VIDEOJULY 19, 2012Narrated by Harold Fritsche. Music by Kevin MacLeod.
Repudiating the National Debt
MISES DAILYJULY 9, 2012Although largely forgotten today, repudiation of public debt is a solid part of the American tradition.
There Is Life after Default
MISES DAILYOCTOBER 11, 2013 A default on US government debt is no more or less radical than a default on any other kind of debt.Rothbard: Repudiate the National Debt
BLOGOCTOBER 9, 2013This article ran in the June 1992 issue of Chronicles (pp. 49–52):Repudiating the National Debt by Murray Rothbard In the spring of 1981, conservative Republicans in the House of Representatives cried. They cried because, in the first flush of the Reagan Revolution that was...
