King of Debt

The federal debt has become one of those American files that gets passed around the room until somebody slaps a crown on it and calls the paperwork solved. Yes, one presidency can leave a bigger stain than the others. But the whole balance sheet did not spring fully formed from one bad suit and a gold tie.

That is the trick here: convert a decades-long borrowing habit into a single villain poster, and suddenly the rest of government gets to vanish into administrative fog. Hugh Jass has seen this move before. Exhibit A is always the same—borrow now, bill later, blame yesterday, repeat under a fresh seal.

The real king of debt is not one occupant of the chair. It is the permanent machinery that makes every White House look like a short-term tenant with a charge card and a shredded receipt. The crown belongs to the system that keeps spending tomorrow’s money and acting surprised when tomorrow arrives with interest.