Our debt now exceeds 100% of GDP. As we continue to have our credit rating downgraded we will have to pay higher interest on the debt. I believe we currently owe about $16 trillion give or take a couple billion. Amercans are not going to take to austerity much better than the Europeans. What is happening in Europe will be coming to a neighborhood near you in the next 2-5 years. Best to prepare for it now.
The national debt was over 120% of GDP at the end of WW2. What did we do? We cut spending and grew the economy. We can do the same thing now.