Sure we do. With the exception of the beginning of the century, the immediate aftermath of the First World War, and the interregnum between Bushes, we have been on an almost continual war footing, exacerbated by the devolution of responsibilities previously discharged by the British Empire for ensuring a balance of power among the Great Powers and keeping open the sea lanes. Even during the Clinton Administration, we continued with our NATO commitment, kept policing the Korean DMZ, and intervened in Bosnia and Kosovo, Haiti and Somalia. Now, we are trying to deal with the amorphous scourge of terrorism.
Beyond that, if we did as businesses do, we would borrow for most capital improvements, instead of drawing from profits or raising costs, thus stabilizing our economic position while making sure that buildings are repaired and facilities expanded. We, in fact, carry a reasonable amount of debt relative to GDP and federal revenue, and if we ever sold off a lot federal land, especial property that has been developed, we could retire a lot of the debt. Thus, we are in no grave danger anytime soon....... |
