This author understates the problem and fails to understand that the debt problem is built into our monetary system. From the day the federal reserve note and reserve banking were established, there was a designed in certainty that the total debt would always exceed the total money supply.
This is the system the entire civilized world runs on and there is no escaping the fact that at no point in time is there every nor has there ever been, enough of this thing called “money” to pay off all the debt on the books, it’s physically and mathematically impossible and always has been.
Much as I hate to admit it, this was not Obama’s doings and no matter who the President is, the choice is between more debt, exponentially more debt and total collapse of the system. There is no middle ground, there is no way to balance the federal budget. Any politician or economist saying we can actually balance the federal budget is either lying to your face or too stupid to be in charge of a lemonade stand.
Rather surprised no one wanted to dispute that post about the design of the system and the requirement for exponentially more debt.