In September 2008 the U.S. public debt was a little more than 10 trillion dollars. At the end of the Obama administration the debt ought to have doubled to about 20 trillion or a little more. One wonders if any President could actually meaningfully deal with that issue and pay it down.
If the public debt increase is beyond the competence of politicians to deal with, what are the alternatives? If the U.S. economy is badly structured for the challenges of globalism, ecosphere decay and public debt of such vast scale what can be done about it besides blow it all up as might failed governments of the past?
The primary consequence of vast public debt and foreign control of much of it is loss of national sovereign economic power and control of political destiny. One of course may pt a positive spin on that through the global broadcast media yet it is still rotten. The present economic structure moving toward corporatism and concentration of wealth can’t be managed well enough to reverse the trend of dissolution of U.S. Government effectiveness and liberty through foreign indebtedness apparently. Taxes were being cut on the rich in a time when they ought to have increased within the standard model.
The alternative for U.S. political economy is toward one of complete change through a government directed break with submission to Plutonomy and evolution to ecological economic policy with a different value system stressing ecospheric sustainability and recovery. The present mode is fundamentally dumb and ecosphericly incapable of sustaining human life on Earth for even a thousand years quite likely.
One may consider the 18th century enlightenment as a concatenation of the invention of the printing press, recovery of Europe from the mass death of the plague and a surfeit of new intellectuals speaking not Latin but the vernacular with a host of new books and ideas. The age of the absolute man-centered society developed reinforced with science and technology yet that wasn’t the entire story. Absolute man and new forms of absolutism brought mankind to the brink of self-destruction. Absolute rulers in sundry forms took control. Louis the 16th, Adolph Hitler, Pol Pot, Joseph Stalin, Chair Mao and more absolute rules ran a mankind ad ecosphere into massified human stockyards without meaningful liberty from social determinism. In the Ukraine today voters are casting ballots for a Willie Wonka chocolate factory oligarch-the local representative of the Plutonomy of billionaires totalizing the world to an absolute state of planetary capitalism owned by the networking Plutocrats.
It isn’t likely that the U.S.A. will have any intellect or independent capacity for change or reform in the candidates elected the next few terms. That possibility was lost with the rise and doom of President Clinton.