“Today, a mere two decades later, we have quadrupled the national debt again, to $16 trillion.”
Yes, the gubmint is spending like crazy but it is also due to the miracle of compounding interest.
I also saw the projection 20 years ago or so.
There is no “fix” for this mess other than an ugly reset.
The federal government needs major surgery. It needs to cut every non-essential program, needs to completely get out of the education business, needs to stop subsiding every industry, whether it is agriculture, autos or housing, and it needs to kill Obamacare. These are all matters within the exclusive jurisdiction of the states. The federal government had no business getting involved and we are seeing the result of the feds refusal to respect the Constitution. Let each state decide how much they want to tax their citizens to support public education, public health care, public housing, etc.. The smart states will grow and the stupid states (hello California!) will wither. Americans still have mobility rights and will decide whether to stay in a socialist, high tax state or move to a free market, low tax state.
The one thing the Feds are not doing. but need to do immediately, is completely seal the southern border and expel the millions of freeloaders who have jumped the queue. They are bleeding the border states through increased demand for education, health care and housing, and driving up enormously the cost of law enforcement. Sadly, there hasn’t been a word from Romney about border security in this election. A Romney government will slow the speed at which America is heading toward the cliff. but it will not change the direction. History shows that very few countries have had the political courage to support radical, massive austerity until after they have gone past the crisis point. It’s much easier to keep promising everyone everything until economic reality makes that impossible. Just ask the Greeks.