Debt excusers argue that this sharp rise in obligations is good economics. The government, they say, should pump up demand with borrowed money in bad times and then claw it back after the dark clouds have passed. The trouble is, that’s not how modern liberal democracies function. What begins as maximum government intervention quickly becomes the minimum acceptable, as the electorate demands ever greater handouts of somebody else’s money. Terrified of being rejected by voters who regard temporary help as permanent rights, politicians keep spending.
My two cents
If someone were to ask me how democracies work, this is the answer I might give. I wonder if it boils down to whether people know what’s best for themselves. In one sense, it’s an out of sight, out of mind process. Again, if the (currently humanistic) state understood its biblical limits and duties, out-of-control spending, the entitlement mentality of citizens, and fearfulness of politicians would be less of an issue.
Was it R.J. Rushdoony who said that democracy is the great love of the failures and cowards of life? In the context of economics, I suppose the politicians are the cowards, and yes, the populace loves them for it.
Randall, J. (2012). Barack Obama shrugs, but the debt keeps mounting. Available: http://www.telegraph.co.uk/news/worldnews/us-politics/9562007/Barack-Obama-shrugs-but-the-debt-keeps-mounting.html. Last accessed 6th Nov 2012.