
With
any luck, by the time this piece is published the political posturing
will subside, and the wiser minds in the debt ceiling debate will
prevail. The truth be told, this grand experiment in democratic rule
was founded on a mix dedication and debt. By 1791, the country owed in
excess of 75 million dollars to those creditors who bankrolled her
revolution. And with the exception of a two year period beginning in
1835, the United States has had unsettled obligations ever since Ben
and the boys emerged from the Pennsylvania State House to make public
their intent to break ties with King George the Third.
While it has always been a popular notion that it is the misdeeds and
inefficiencies of government that are the root cause of our unbalanced
books, it is in fact, those less than admirable traits in humankind
that have left the public holding a rather large unpaid tab.
Historically, most of Washington’s deficit spending has been the
consequence of military conflict, or the missteps and misappropriations
in the marketplace. Perhaps if those at the helm of our economic
institutions were a bit less greedy, or if we had a healthcare system
that was fair and affordable, or if we could just find a more peaceful
way to settle our differences—we might just be able to get our
financial house in order.
But as I raise a glass of whiskey at the saloon of the Gold Hill Hotel,
which sits atop those spent veins of ore that helped to finance many
bloody Northern campaigns during America’s Civil War, I realize that we
are still a ways off from raising the bar on human behavior. So for the
foreseeable future, we will remain dependent upon a Congress that
raises the ceiling on public debt.