A democracy can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the treasury, with the result that a democracy always collapses over loose fiscal policy. The average age of the world’s greatest civilizations has been 200 years.
– Alexis de Tocqueville
The bottom line: By 2016, our National Debt will have ballooned by $10 trillion over eight years — plus trillions more in unfunded liabilities. After 236 years, I fear our Republic has crossed the Rubicon; eventually, we will reap what we sow.
Photo Credit: Andrew Malone