Okay, I missed something. The connection between going broke and ending up richer appears to jump the shark. At the very least, it requires a quantum leap in logic.
For those who missed the interview, the short version is that interest rates will rise. When they do, the government will spend its entire budget just to cover the interest on the debt, or it will be forced to change its wicked spending ways.
Without rendering an opinion, I brought this dichotomy to Rudy’s attention during our morning workout. (For those unfamiliar with my workout partner, Rudy is the epitome of ultraconservatism. He claims to be devoutly independent, but only votes for candidates who adhere to the doctrine of no restrictions on free enterprise.)
Not having read Williamson’s book, I was limited to what had aired. As I recapped what appeared be the book’s theme, Rudy seized the moment. He agreed with the author’s supposition that the nation is going bankrupt due to feel-good regulations.
“Take the Chinese: They got it right,” Rudy declared unapologetically. “Once we go belly up, we have a chance of becoming more like them.”
“How so?” I inquired.
"They don't worry about unions, OSHA and EPA regulations. They don't have them. Hell, they don't even worry about healthcare or none of that overregulated crap." Rudy paused before delivering his punch line: "They understand how business gets done. No government interference, plain and simple. If someone gets injured or sick, they just pull in the next warm body."
“Are you suggesting, the U.S. labor force become more like communists, pink-o socialists?” I fired back.
He returned a scowl. “You know what I meant. Only in terms of doing business.”
“And somehow, going broke will make us all happier?” I questioned. “I take it you agree with the author’s premise?”
“You’re damn right. Once we do away with regulations and restrictions, we’ll all be a whole lot happier. According Einstein —the simplest method is always the best method! It time to turn back the clock.”
Suddenly, it all became clearer as I envisioned America’s labor force gleefully toiling on the corporate plantations under the noonday sun, humming joyfully to our favorite Negro spirituals—all poorer but oh-so-much happier. Ain’t happening, I chuckled silently to myself.
While the nation’s debt problem is real —it is also a manufactured crisis. Looking forward to going broke amounts to lunacy. Pandering to the notion that being poorer can be awesome amounts to sheer nonsense.
Growing up, we lived a paycheck away from being on welfare. I can attest there is no direct link to awesomeness and being poor. Those having had a similar experience would agree.