One European country after another has been forced to swallow painful and abrupt spending cuts after years of borrowing too much. That borrowing spree came to an ugly end in Greece where the public reacted angrily when the government had to cut pensions and other spending.
And many worry that the U.S. is headed in the same direction.
And he notes that being that far in debt sends us down a dark economic road. "We do face a future that looks like stagnation, high unemployment, low wage growth, and a real problem with inflation and high interest rates."
"And we don't have any money left over," says economist Doug Holtz-Eakin. "So that things we think of as government -- building roads, educating our kids, national defense and securing the borders -- there's no money for that."
http://politics.blogs.foxnews.com/2010/12/02/day-reckoning
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