Obama talked about Bush driving the economy into a ditch, but he drove it off a cliff, and I really felt that we passed the point of no return a couple of years after he took office.
When interest rates begin to rise, the deficit will get even worse due to the interest owed one all the debt. The first years of Regan’s term were very painful and our debt was tiny compared to this, I shudder to think what this will be like.
Be ready for it to get worse before it gets better, especially if Stockman is right about the long-in-the-tooth economy.
Changes will either be made, or the problem will take care of itself. Just realize that a large part of the National Debt includes programs like Social Security which is owed to Americans.
FDR took care of his problem by confiscating the gold, and once it had been collected, the currency was devalued, and lost about 40% of the buying power, which hurt Americans.
My grand parents saved Silver Dollars after that, in case of further devaluation.
Social Security funds have been squandered when it shouldn't have been accessed by Congress.