The Promissory Republic: America's Unbroken Habit of Spending What It Has Not Yet Earned
From the financing arrangements of the Gilded Age to the defense expenditures of the Cold War to the structural deficits of the present day, the United States has sustained a remarkably consistent relationship with its own future: one of confident appropriation. The pattern is old enough, and regular enough, to raise an uncomfortable question about whether it reflects a choice or a condition.