Economist Gary North contends that it’s not a question whether the federal government will eventually default on its prodigious debts, but how. Read his analysis here.
North’s piece gets to the root of our political problem: it’s easy for politicians to promise voters apparently free things and most voters are happy to support such kind and generous folks. Eventually, though, the bills must be paid, requiring either huge increases in taxation and confiscation of wealth, or default.
