Michelle Bernard has sketched the outlines of the predictable financial disaster that President Barack Obama and his predecessors, especially George bush, have put in place.
Read it in today's Wasshington Examiner. But don't assume that the time of reckoning is as distant as the Examiner's timeline suggests.
Those who have financed our recklessness aren't fools. By itself, China could force the United States to ramp up its spending even further by engaging in adventures that threaten us and our allies, forcing us to respond. Every multibillion in debt that we assume increases our vulnerability.
By simply refusing to buy U.S. bonds at prevailing interest rates, China could drive up the cost of our borrowing significantly, making our dire situation even worse.
The timeline of our downfall is in the hands of regimes that wish us ill as much as it is in our own.
http://www.washingtonexaminer.com/opinion/columns/IrwinStelzer/
Shame-doesnt-appear-to-be-part-of-the-Era-of-Red-Ink.html
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