L.W. Nicholson 1992 Published in: The Northwest Technocrat, 3rd quarter 1992, No. 328
The rapid increase in the federal debt and the total national debt has been necessary to stall off a complete collapse of the economic system (Price System) in the United States and Canada. Let’s not postpone facing up to this any longer. Refusing to admit that this collapse is imminent only reduces the time available to determine solutions. This debt has been increasing at an ever faster pace for most of the years since about 1915. In spite of the reasons handed out to the public, this increase has not been the result of “careless” or “unconscious” actions by leaders who enjoyed big spending. It has resulted from attempts to postpone the “evil” day when this Price System could no longer be kept in operation. If this were not so, then why has the debt growth continued almost without interruption for some 75 years.
The enormous increase in the ability to produce, with an actual decline in the man-hours required in the production process resulting from the greatest technological advance in history, has reduced the purchasing power per unit of production of the people of the U.S. and Canada. The increased debt has been necessary to make up for this loss in order to maintain sales, to keep factories operating, to provide jobs and maintain a system of trade and commerce based on the value concepts of human labor.
It is obvious that North America has the production capacity to provide plenty for all its citizens. The fact that 33 1/2 million Americans are living in poverty, that farm products are bought up and destroyed, is proof that the “system” is not working. If this many people are falling through the cracks, then the whole system is cracked. The S&L collapse is only a sample, among many, that the financial system is in trouble.
All these problems are not going away, and they are not going to be solved by “business as usual.” A complete redesign of the economic system, the whole Price System, will be required. This is what Technocracy Inc. has been pointing out for the past 60 years.