Victor David Hanson: The other America

Germany’s first chancellor, Otto von Bismarck, supposedly once said that there was “a special providence for drunkards, fools and the United States of America.”

Apparently, late 19th century observers could not quite explain how the U.S. thrived when, by logic, it should not. That paradox has never been more true than today.

The U.S. government now owes more than $18 trillion in long-term debt. Even after recent income tax hikes for the very wealthy and huge cuts in the defense budget, the Obama administration will still run an annual budget deficit of nearly $500 billion.

No government official dares to trim Social Security or Medicare. Everyone knows that both programs are fiscally unsustainable.

  • Backa Bock

    Obama, as much as I dislike him, has significantly reduced social security liabilities by adopting more flexible rules for hedonic regression. It undervalues inflation, and through the power of compounding reduces liabilities exponentially with time.

    • David

      Good one.

  • David

    President Obama’s approval rating hovers just above 40 percent.

    That is shocking.

    • Hard Little Machine

      1 out of 14 people, in repeatable studies, are schizophrenic. That’s a 7% slice right there.

  • Alain

    Both political parties own this. It pains me to admit it since I have nothing but contempt for the Democrats.