by Lewis Marshall, PhD Candidate in Chemical Engineering
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt […] That’s irresponsible. It’s unpatriotic.” — Barack Obama
“[T]his debt is a mortal threat to our country. [...] It is immoral to bind our children to as leeching and destructive a force as debt. It is immoral to rob our children’s future and make them beholden to China.” — John Boehner
I have bad news. America does not understand debt.
We understand personal debt well enough, and we are super judgmental about it. The iconic howl of rage at debtors  came from Rick Santelli in 2009, right after the financial collapse:
“The government is promoting bad behavior [with mortgage modifications and the stimulus.] How about this, President and new administration? Why don’t you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages; or would we like to [...] reward people that could carry the water instead of drink the water?” Continue reading