For decades, federal politicians have running up the national debt as if their spending binge would never need to stop. Wrong. The US government must repay debts, too. Its debt (that is, our debt) has reached $12 trillion and will go much higher with Obama’s profligacy. Servicing all that debt will pull great amounts of money — purchasing power — out of taxpayer pockets. Yet hardly any politician in Washington is willing to talk about this. Spending money is fun; worrying about the consequences isn’t.
Here is a good piece in today’s WSJ on the looming debt disaster.
