When 100% Of Your Income Will Be Needed To Pay The National Debt

From the pen of historian Victor Davis Hanson:

“The voters just spoke. They think they want no more gargantuan deficits, massive public spending and exponential growth in government — or the specter of higher taxes to pay for all of it. No wonder: We are on pace to soon owe 100 percent of our annual gross domestic product in national debt, while compiling the largest annual peacetime deficits in our history. So cutting the borrowing and spending is inevitable if America is to avoid a Greece-like implosion. … What can the public do? Americans should laud any politician of either party who has the courage to balance budgets, and they should hold accountable any who do not. Budget cutting may be depressing, but not as depressing as bankruptcy (ask the French and Greeks). Do not forget that just as households become upbeat when mortgages and credit cards are paid off, so too will Americans collectively recover their optimism and sense of pride when we are admired abroad for our fiscal sobriety rather than ridiculed for our spending addiction. And look at it this way: In terms of our collective health and national security, a budget surplus is probably worth more than an expanded federal health-care entitlement, another Social Security cost-of-living increase, or a new aircraft carrier.”

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