Our Legacy of Debt

Yesterday I posted the transcript of David Stockman's lecture "The Forgotten Cause of Sound Money." Stockman documented the river of debt that we plunged into after Nixon closed the gold window in 1971 and how that river became an ocean. For those who consider themselves more visual learners, take a look at these pictures:

Household Debt Outstanding

Federal Government Debt

These are not pretty pictures. Funding government spending by borrowing does not remove our tax burden, it merely moves it to another point in time.