'Deficits Don’t Matter': Abundance, Indebtedness and American Culture

Abstract

If deficits, nor defaults, don't really matter anymore, what sign of our times is it? What has changed from the days that Franklin Delano Roosevelt risked the fragile economic recovery from the great depression by returning, in 1937, to the standard of his economic orthodoxy, a belief in fiscal rectitude and anaversion to debts and deficits? If that was a sign of a certain American character, what has happened to it? A massive shift in public culture must have occurred, affecting people's views on public probity and political rectitude. The following is an attempt to trace some of the main shifts on the way to our present quandary.