New economic reseach suggests that countries like the United States that carry high debt levels for sustained periods massively reduce future economic growth for decades to come.
Reason's Nick Gillespie argues that our debt and deficits are primarily the result of increased federal spending and that reining in the 21-century spending patterns by Presidents Bush and Obama should be the first order of business for the next Congress. Writes Gillespie:
Surely it beats the alternative, which is slicing 25 percent off economic growth over the next couple of decades.
It's a standing joke that everything we do at every level is "for the children." Who among us wants to look at every fourth child walking the streets and tell them, "Sorry kid, it just wasn't your century?"