Economic Pain is Inevitable

The good news is that I may have come up my my new catchphrase.

from Wipe the Debt From the Books by Wendy Murphy

Even Americans who believe in some level of mandatory taxation should be outraged. The ruling elites have created an inevitable economic catastrophe so that they can fund their political ambitions, line their pockets, and pay off crony capitalists. Nothing, not even stealing the future from children, has made them pause.

The politicians and bureaucrats are snatching the bread out of children’s mouths. Full repudiation is the only way to provide fairness to future generations.

But what of the older generations who “depend” on receiving the interest and principal, or who “need” the entitlements funded by borrowing and taxation? There is no sugarcoating the short-term prospect. There will be immense pain, and it will be terrible to watch. But that pain is inevitable. Entitlements such as Social Security will implode, even if repudiation does not occur.

The entitlements may collapse due to their own Ponzi scheme nature, from the rise of interest rates on the national debt, or from another dynamic. The best outcome is to end the ongoing injustice as soon as possible. To continue an injustice because some people depend upon the proceeds is to enshrine it in perpetuity — or, at least, until it cannot stagger forward one more step.

Repudiation is also one of America’s best chances to reestablish a free and healthy economy. And it means weaning people away from their dependence on the state, especially on entitlements.

I don't know if I like the idea of repudiation, but I'd like whatever is going to happen to happen already.  Let's get it over with already.

Economic pain is inevitable.