federal government irresponsibility in fiscal matters, the United States is no longer the richest country in the world. The financial dysfunction of the federal government is mirrored by the activities of states, counties, and municipalities. Orange County, California for example, recently plunged into bankruptcy after playing fast and loose with the public's money. The image of the money-corrupted public official has become commonplace in the media. Even Canada, long influenced by American trends, is plagued by tax revolts by citizens, mostly the elite, concerned by a growing deficit and high taxation: "When you give all your love to your money, it makes you fretful."
Individuals are affected on a personal level by government fiscal mismanagement. The average citizen is aware that the nation's debt will have an effect on their personal finances in some manner in the future. The closest analogy is the condemned waiting for the axe to fall. The income gap between the haves and the have-nots is widening, contributing to class conflict. Real incomes have plunged, as has the standard of living. Individuals have to work harder for what they earn, thus having less quality time to devote to personal and family relationships. Corporate greed has also had an effect on individual attitudes about money. During the 1970s and 1980s, corporations assumed massive amounts of debt to finance mergers, leveraged buyouts, etc. Junk bonds became a popular form of investment and a quick source of profits. Former junk bond multimillionaire Michael Milken became symbolic of the avaricious mindset of this era. A characteristic of the financing frenzy was a decline in spending on true wealth, e.g., equipment, new plants, research and development, etc. As the economic bubble burst in the 1990s, corporations turned to austerity measures characterized by euphemisms such as "downsizing" "rightsizing" and "restructuring." These terms translate...