If you add up the total debt — state, local, the works — every man, woman, and child in this country owes 200 grand (which is rather more than the average Greek does). Every American family owes about three-quarters of a million bucks, or about the budget deficit of Liechtenstein, which has the highest GDP per capita in the world. Which means that HRH Prince Hans-Adam II can afford it rather more easily than Bud and Cindy at 27b Elm Street. In 2009, the Democrats became the first government in the history of the planet to establish annual trillion-dollar deficits as a permanent feature of life. Before the end of Obama’s second term, the federal debt alone will hit $20 trillion. That ought to have been the central fact of this election — that Americans are the brokest brokey-broke losers who ever lived, and it’s time to do something about it.
The longer the the politicians kick the can down the road, the worse the reckoning will be. We will be more than $20 trillion in debt – or, quite possibly, quite a lot more – in debt by the time Barry is scheduled to leave office.
There will have to be a reckoning. This cannot go on, so eventually, it won’t. That’s when it will get bad.