Read more on this subject: Government Debt & Financing
News Story Source: https://www.zerohedge.com by Stephen Moore
Emergencies tend to ratchet up the cost and power of government permanently.
That expansion of government authority is especially unwise now, given that when this coronavirus fiasco is finally over, it may go down in history as one of the greatest government screwups in American history. That's saying a lot.
As a nation, we spend just short of $5 trillion a year in Washington and at least another $1 trillion at the state and local level. Our government spends 1 of every 3 dollars that passes through the U.S. economy. It is the largest enterprise in the history of the world.
You don't have to be an Ayn Rand devotee to see how the government has stumbled in its primary function: protecting the health and security of the public. Every citizen should ask elected officials: How was the health security system in America, with $1 trillion of federal tax dollars spent, so radically unprepared and ill-equipped?
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