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There's no economic leadership in the White House or among congressional democrats. The democrat leaders seems to be suffering from a delusion that there is no debt crisis and America can continue borrowing money with 10-year bonds at 1.8% forever. That's absolutely impossible, because in January 2017 a Republican president will move into the White House and the GOP will have complete control of the House and Senate. In 2017 Obamacare will be completely overhauled to give employers much more flexibility and several lower-cost alternatives for health insurance coverage. Useless federal spending will be cut back in 2017 and our economy will finally begin to grow robustly. At that point, inflation will begin to increase because of all the money printed during the Obama years, the Fed will finally have to raise interest rates to control inflation, borrowing costs on federal debt will rise substantially, and right then in 2017 the Ameican middle class will be hit with the tax bill for all the debt and useless spending during the Obama years.

It's going to be a heavy tax burden to pay all the interest on the massive amount of debt accumulated during the reign of King Barry. Our best hope is that with good sound conservative economic policy, we'll have strong growth and a very strong supply response in our economy that will contain inflation, and interest rates won't have to rise too much to control inflation. But taxes will eventually have to increase on the middle class to pay for the economic policy disasters of the Obama administration and the huge mountain of debt accumulated between 2009 and 2016. As Romney and Ryan said so wisely..."attacking us is not an economic plan." That's all the democrat leaders do now--they just attack Republicans and make repeated false statements about economic policy and America's federal debt crisis. Where are the economists in this administration and why are they silent about the destructive long-term impact of our exploding federal debt? I assume genuine qualified economists have been completely silenced by order of the White House. Well that means the GOP has an opportunity to bring forward some real economists to make our case that spending has to be cut by an amount at least equal to tax increases, and not through phony gimmicks like saying "we're winding down two wars". That's totally phony because that statement assumes the wars were planned to go on forever, which is completely false. The House Republicans must not agree to any deal that doesn't cut spending (with real spending cuts) by at least as much as any tax increases.

Even if economic growth never returns to the robust growth rates we have between 2003 and 2007, if we don’t cut the budget deficit substantially next year then interest rates on federal debt will eventually have to increase substantially. Without serious deficit reduction now, there will be so much debt in a few more years and so much interest expense on debt that bond investors will rationally conclude that the only way to pay all the interest is for the Fed to create much more money and inflate the economy to generate more tax revenue. Bond investors will then sell Treasury bonds and drive up interest rates so that they are compensated for the higher real inflation rates resulting from all our money printing. So if deficits and the growth of debt are not cut back very soon, there’s no way out of higher interest costs and eventually higher taxes to pay all that interest on our massive federal debt.