It really is as bad as the most alarmist make it out to be:
..With ferocious speed, the financial crisis, recession and efforts to combat the recession have swung the U.S. debt from worrisome to ruinous…
…Lost amid last month’s passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama’s own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.
Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University have recently shown that a 90 percent debt-to-GDP ratio usually touches off a crisis.
This year, the debt will reach 63 percent of GDP, a ratio that has ignited crises in smaller wealthy nations. Fiscal crises gripped Canada, Denmark, Sweden, Finland and Ireland when their debts were below where the United States is shortly headed…
It isn’t actually sustainable – not now, and now with Obama’s plans to wrack up another $10 trillion in debt. If we balance the budget in the next couple years, we can get out of this – if we don’t, then there is nothing to do but prepare for a very long national economic crisis. And that two year window gets smaller if the economy tanks for other causes (which I do expect – but also realize that by borrowing and printing like mad, Obama might be able to keep the ball in the air for another year or two).
The bill has come due, the party is over. Terribly sorry, liberals, but you’ll just have to squeak by with a measly $2.5 trillion or so in annual spending. I know, I know – how can we fundamentally transform America with such a pittance? But its either do it, or lose it all. Half a loaf is better than none.
Of course, no liberal will agree to this – blindness combines with arrogance and stupidity on the left.
Blogs For Victory 