I just read in the Daily Oklahoman that almost 60% of citizens in their poll are in favor of forgiving all college debts. These are debts that many students take out to pay for their college educations. This sort of reasoning is fairly normal the way citizens of this great country view money—in particular “government money.”

A former president by the name of Abraham Lincoln once told Salmon P. Chase, his treasury secretary that he would just have to give his money printing press a little extra crank, that the army needed more money. That didn’t work out for Abe Lincoln, and it really won’t work out for any President today. Why not? Chase informed the Mr. Lincoln that he would have to issue interest bearing bonds to do such a thing. Chase then went on to virtually invent the idea of valued printed money in the USA.

Far be it from me to understand all the intricate workings of the government’s money printing needs (or wants) in relation to just how much the treasury department can legally print but just let me say that I understand that for each and every dollar we order up from those presses above what is legally justified by government values of actual dollar worth makes it necessary for the treasury to issue bonds in the amount of the excess. These bonds are sold to investors at the going interest rates for bonds.

Now if I have this wrong, I stand to be corrected. But that’s what I understand. In 1831 a guy from France named Alexis de Tocqueville was sent abroad to study various facets of our America and the things he found and wrote about are still commonly quoted. One of his quotes was “America is great because she is good.” He also wrote that basically any democracy could not exist forever. “Eventually,” he mused, “citizens of a democracy would discover they could vote “largesse” for themselves.” That, he said would spell the republic’s end. He was alluding to them voting themselves money and printing excess money to cover these expenditures.

I think Alexis was only partially correct. American has been running deficits in her budgets for years and we’re still struggling along. I think. One sort of “unintended” side effect of this is that inflation increases somewhat along the same curve as that of the amount of the deficitit. This may well be an intended side effect for liberal politicians, who seem to favor deficitit financing for it allows those bonds sold by the government to be paid back with “infiated” dollars of less value. And that seems to be OK by many of the Republic’s citizens. It seems our votes can be purchased and by our own money.

As time goes by the citizen politic become more and more willing to vote cash to projects and people because it doesn’t really cost anyone, does it? Just keep printing and disbursing those dollars and paying the bond holders back with the resulting somewhat worthless dollars. So why not free medical services? And how about more help on rent? For sure, those affected by Covid should get cash outlays. Oh? They do already? Well, there you go. I guess we have indeed discovered we can vote ourselves money. I need to get busy and get my part before all you other greedy-guts get all of it. Sorry, just thinking out loud.

Hope all of you are enjoying your summer. I know I am. Be sure and go to church Sunday.

Wayne Bullard, DPh cwaynebullard@gmail.com