The National Debt

A credit-rating agency warned yesterday that the United States may not be able to make good on its debt.  The agency said the odds are one in three that the United States will lose its AAA rating in the next two years, which would make it harder for the United States to borrow money, at higher interest, triggering a catastrophic debt spiral.  NRO’s Kevin Williamson gives some good background and explanation, while NRO editor Kathryn Jean Lopez points out that if you read National Review, you would have seen this coming.