Obama said that he wouldn’t let the government leave Americans with “a mountain of debt.” Political talk is worthless, of course. The new budget (even with its absurdly optimistic growth assumptions) shows the mountain of debt getting steeper. Cato’s Tad DeHaven writes about it here.
At the same time the government piles up ever-increasing debt, it is wasting and diverting resources that would otherwise have gone into productive uses. A double whammy on younger Americans.
