So argue two very serious economists, Jeffrey Rogers Hummel and David Henderson in this article in the new issue of Independent Review.

Our short-sighted politicians are saying “Hey, things are getting better — look how the budget deficit has fallen to a mere $600 billion this year.” They ignore the long run spending trends that appear to be politically unalterable. In the end, the government won’t be able to meet its promises and won’t be able to borrow more. That, the authors say, will be like a Balanced Budget Amendment, but one that will have teeth.