So bad that there are no solutions, and we just keep making it worse by running bigger deficits. The debt is so large that it requires higher interest rates to get people, mostly foreigners, keep buying it. That extra interest just adds even more to federal spending and the deficit. Don’t believe anyone who tells you that the Big Ugly Bill does anything to cut the deficit. It doesn’t, and it continues the pattern of giving massive tax breaks to rich people and doing special spending for every Congressperson.
There is no easy way out. It requires immediate drastic steps that eliminate absurd tax breaks and cut entitlement spending very substantially. That is where the spending and revenue problem is. It will happen, it is just a matter of does it happen as an emergency or in a more measured manner. If you don’t believe me, read this. He is 100% right on about the options and their likelihood. And about the dreadful consequences to every American if we don’t do something quickly. (DC Post)
