On Debt Spirals and Denial
March 12, 2011
Just after arguing with a reader about the national debt, I find myself reading a good piece by Mark Steyn (redundant? “a piece by Mark Steyn”?), which includes this excellent and topical paragraph:
[Senate Majority Leader Harry Reid] and too many other Americans seem to be living their version of the old line: If you owe the bank a thousand dollars, you have a problem; if you owe the bank a million dollars, the bank has a problem. America owes the world $14 trillion, so the world has a problem.
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March 12, 2011 at 2:34 PM
Wow, actually, Steyn’s piece turns out to have a lot in common with that argument I was having, down to his responding to blithe assurances that we shouldn’t worry about the debt because China probably isn’t going to take immediate military action against us.