The most widely read literature in Western Civilization is Jane Austen and her stories are about these young women... They're looking at these young … - David Cay Johnston

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The most widely read literature in Western Civilization is Jane Austen and her stories are about these young women... They're looking at these young men... "Oh, Mr. Darcey has 10,000... Mr. So & so has 5,000," and what they're talking about is... the British finance system in the 1700s and 1800s where wealthy people loaned... large amounts to the crown and were paid interest. ...All the crown had to do then was raise enough taxes from the poor and the middle class, to the extent there was one, to pay the interest. ...[W]hat have we been doing since 1980. Ronald Reagan came in saying he wanted a balanced budget. We last had a balanced budget under Richard Nixon. We have seen budget deficits grow enormously over the years to the point where the federal debt, not adjusted to inflation, was just under $1 trillion when Ronald Reagan came into office, and by the time George Bush leaves, it will be $10 trillion. ...Over $400 billion a year is just going to pay interest on the national debt. That means it's money we don't have for higher education, for infrastructure improvements so we don't have have bridges collapse and kill people in Minnesota when they're commuting home from work. So we don't have pinch points that are costing us billions and billions of dollars because we can't efficiently move goods around the country. We don't have it for all sorts of things that would grease the wheels of commerce and make us wealthier.