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loss aversion

You don’t – at least, I certainly don’t – see as much talk about the national debt as there was, say, back in the 1990’s. Perhaps even debt hawks among the sorriest dregs and rinsings of the contemporary human intellect – the conservative punditry – realize that the issue has lost its edge since it’s become clear that a huge federal debt doesn’t mean economic apocalypse.
But that’s not to suggest that a gi-normous national debt is a good thing. Especially if you consider what has really caused it. If you’re reading this you’re presumably enough into the issue to have seen graphs like the following plenty of times before.
Yeah, it started with Almighty Reagan’s tax cuts for the rich and military spending. And the fundamentals haven’t changed. The U.S. national debt is nothing more or less than the cost of 35+ years of aggrandizing the plutocrats and warmongers.
But the real cost of prioritizing that aggrandizement is even greater – indeed, far greater. It’s the cost of the lost potential inherent in a shrinking middle class, and a long-term underclass being screwed in almost every conceivable way. And so on; again, if you’ve read this far, having come to this blog, you know what I’m typing about. Fundamentally, we’re talking about constrained to virtually nonexistent access to substantial resources and opportunity for those not born to wealth, or otherwise granted ready access to it.