Roy W. Spencer, Ph. D.
"We are used to politicians having to compromise in Washington. Compromise is viewed as a good thing. Both sides get some of what they want. What our country is facing with the current budget crisis, however, is a totally different situation.
We are not discussing how much this constituency gets out of tax revenue versus that constituency. We are instead dealing with the very real possibility that our economy will collapse due to excessive levels of debt and overspending, at which point no one is going to get much of anything they want. ........
On an Unsustainable Path
The following chart dramatically illustrates that the situation our country is in right now, and it is far worse than any financial situation we have ever experienced before (the data come from here). True, almost every year the U.S. Federal Government has run a budget deficit (spending more than it takes in), but the last few years have seen an astronomical growth in that deficit due to the housing bubble, multiple wars being fought, “stimulus” spending, and an increasing proportion of the population willing to just sit back and live off their neighbors’ tax dollars:"
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