What do you get when, decade after decade, a government continues to make promises to deliver benefits to people and they finally start coming due?
Economist Richard Rahn calls it a “debt bomb” and explains in this piece why ours is going to explode soon.
The Obamacrats, Rahn maintains, are hastening the explosion with the instigation of a trade war with the Chinese. The GOP, as usual, is too timid to do more than suggest that we might try to slow down the rate at which federal debt is expanding.
Would that Stephanapoulos or someone else would ask Obama about our prodigious debt. I guess that he’d say that his definition of debt is wrong.