2023-07-19 01:50:23
John Quincy Adams (1797-1848), abolitionist, was the sixth President of the United States (1825-1829). The elections were won by Andrew Jackson (1767-1845), but without the necessary majority of electoral votes and the presidency, the result of alliances and disputes, fell to Adams, who would lose the following elections and the easy chair. Adams, who was the first president – until Trump – to have a wife not born in the United States, may have been an opportunist, but he was sensible. He explained that “there are two ways to enslave a nation. One is the sword. The other is debt. Nothing new under the sun. Another American, the satirical poet Ogden Nash (1902-1971), noted that “debt is fun when you’re getting it, but none is fun when you start paying it off.”
The Bank of Spain, governed by Pablo Hernández de Cos, whom some point to – and do him a disservice, a disservice – as Minister of the Economy of a hypothetical Feijóo government, certified yesterday, according to the schedule planned months ago, that the debt of the Public Administrations reached 1.54 trillion in May with a “b” for outrageous. It is a new absolute record, although as a percentage of GDP it is below the maximum reached a few months ago. The figure, in any case, is stratospheric and will condition, whatever it may be, the room for maneuver of the next government that, now, would have to take that bull by the horns, no matter how Astifino they may be. Herbert Clark Hoover (1874-1960), the American president who suffered from the Great Depression of 1929, which also ruined his mandate, proclaimed, from the distant cynicism of one who has resigned himself to the catastrophe: “blessed are the young, for they They will inherit the national debt. The Spanish economy, although it is something that is out of the electoral debate – and nobody wants to address an issue as thorny as that of pensions – is mortgaged for decades. It is true, it is “fun” and profitable for the rulers of the day to increase the debt to spend more and please their own and strangers. Nobody says it, but Spain needs to request 250,000 million credits every year for the country to function. It will be paid for by future generations, enslaved by debt, as Quincy Adams warned two centuries ago.
#bliss #debt