Steyn's Case for Pessimism
Mark Steyn writing in Commentary:
The United States government currently spends one-fifth of a billion dollars that it doesn’t have every hour, every day, seven days a week, 365 days a year including Thanksgiving, Christmas, and Ramadan. A fifth of a billion dollars every single hour—so the $7 billion that John Boehner calls “a real enforceable cut for financial year 2012” represents what the government of the United States currently borrows every 37 hours. In the time between the Friday announcement of the plan and the Sunday morning talk shows’ discussion of it, the government borrowed back every dime of those painstakingly negotiated savings.
Be sure to read the entire article.