[campaignPete R-CT]

'Most' investors still work under the certainty that Treasuries will be paid (rolled over into new debt) and therefore is credit worthy. 50% of the debt come due in the next 4 years .... it is not primarily long-term bonds. Long-term rates may rise, but we aren't defaulting our way out. EVERYONE ALWAYS MENTIONS THE DEBT. The problem is the interest on the debt.

"Our debt will soon equal the GDP."

Our debt will soon equal TWICE the GDP. or close to it ... looking out a decade or two.

In one scenario, when much of our tax dollars is being used for debt ... the appeal of going to Washington and helping start new programs will wane because the funding won't be there ... and some liberals will finally pack it in and go home to do state politics. I'M NOT HOLDING MY BREATH.

MY OWN OUTLOOK: decades of relatively high taxes, a permanent stagflation, sluggish economy and endless political battling .... but since high numbers will be retired, long-term unemployment is not a big problem.

[GeronL]

Soon the whole country looks like the ghetto with dollar stores, pawn shops and liquor stores and everything else boarded up