When your skin gets scarred, it becomes thicker and less elastic. That is physical scarring. Everyone knows there is also emotional scarring, such as from divorce, especially among the children. In additon, there is economic scarring from divorce, when living expenses double and lawyers must be paid, among the many other costs.
Every time a restaurant closes, there is economic scarring — to the owner, to his vendors, to the landlord, to the employees and their families, and to the local community, even the IRS! The same is true for other types of businesses. Of course, the scar is not as long or as deep, if the cut is short or shallow. There is a cost to this economic scarring that is impossible to compute, but it is there!
President Biden has proposed a $1.9 trillion economic recovery plan. I don’t know if that is the right number or not. Maybe, $1.5 trillion is a more efficient number. Nobody knows.
What I do know is that time matters. The longer the cut and the deeper the cut, the worse the scar. Delay is unacceptable and inexcusable.
We cannot ignore the growing national debt, but this is not the time to halt it. The problem is not the amount of the national debt ($28 trillion) but the method we use to develop budgets each year. We should deal with that . . . after the scarring stops.