Obama Nation Overrun By Deficit Deniers

A $1.8 trillion annual deficit is four times larger than any previous annual deficit. If I wanted to state debt-to-GDP, I would have. Those numbers are scary also, especially since the GDP is being propped up by the same massive government spending that is swelling the debt. This is not sustainable.

People who think we can outrun our debt through growth are severely misguided. Our economy is not growing, and the debt burden created by excess borrowing and spending today will further encumber its growth. We are adding new quicksand to old quicksand.

Growing economies are productive economies, and productive economies do not rely on credit to fund their government. All the current optimistic projections about how much of our GDP we will be able to dedicate to debt service are wrong, because they are based on interest rate projections that are going to fall apart.