A Difficult — But Necessary — Return

The latest infrastructure compromise out of Washington is business as usual — paying for upgraded roads, bridges and railroads with more credit. How long can the United States keep running up its gargantuan tab? As we’ve noted before, the U.S. government’s spending addiction wouldn’t be possible if the dollar were tied to gold. Of course, we also admit that reverting to a more sensible standard would be no simple matter. England found that out the hard way in the 1920s…