This PajamasMedia post makes it crystal clear that a few generations of spendthrift, short-sighted politicians have managed to put the United States on a debt death spiral. These facts have been known for many years, but politicians overwhelmingly thought it best to hide their heads in the sand.

The prognosis is lousy. The federal government, in a frantic effort at shoring up its credit, will drain the country of the resources the economy needs to grow. As production falls, the pols will redouble their efforts at extracting wealth. I can just hear Obama giving one of his speeches, demonizing the greedy rich who are hiding their wealth and not paying “their fair share.”

We are a ship in grave danger, with a captain blindly steering for the rocks