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The US national debt is approaching $40 trillion, and one mergers-and-acquisitions banker has set a valuation on that figure: a claim on people who cannot yet vote, which he describes as taxation without representation.
Senator Rand Paul has a stated plan to force Congress to stop overspending. The author, writing as a new grandfather, frames both as part of the same structural problem.
An M&A practitioner valuing the national debt as a lien on future cash flows arrives at a different frame than a budget analyst.
The argument in focus: the skill required to win an election is not the skill required to govern, ordinary citizens have almost no real incentive to engage with the substance of legislation, and those two facts compound each other.
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