The national debt is rapidly approaching $32 trillion. This number was inconceivable a decade prior, and even today we still have trouble picturing what it looks like. For the individual, the issue appears insoluble. What must be done?
We must unconditionally default on the national debt. In other words, the federal government must cease all payments on its bonds now and forever, decreasing our debt to $0. Many will shirk at the idea. Wouldn’t that be immoral? Not at all.
The debt was issued against our consent, so we, as citizens, have no obligation to pay it back. It doesn’t affect our credit scores if the national debt is repudiated; it affects the U.S. government’s creditworthiness, which would be a wonderful thing.
No more will the U.S. government endlessly expand. Harder limits would be put in place.
One might be reminded of the student loan crisis. Why should students have to pay back their loans if the government shouldn’t? The students voluntarily took out the loans while the government backed its loans with the involuntary payments of future U.S. taxpayers. The latter is wholly unjustifiable.
Government, at all levels, should repudiate their debt.
Benjamin Seevers
North Apollo