Newspaper: Runaway Debt Must Be Stopped Now

From an editorial in Investor's Business Daily:

The U.S. government's unprecedented spending splurge, with no end in sight, is creating a mountain of debt that endangers both our economy and way of life. Can something be done about it?

Anyone who reads IBD knows we're not doomsayers. Sometimes, in fact, we've been chided for cockeyed optimism in the face of even the gloomiest prognostications. Our faith in America's resilient economy, the world's largest and most creative, and in the productive people who make it go, was reason enough.

That said, we face a rather stark fact today: The current path for U.S. debt is unsustainable.

Our $14 trillion economy is more than three times bigger than the next largest in the world. But our debt will soon surpass even the bloated level of WWII, when we were literally fighting for our lives and freedoms with a weak economy struggling to emerge from the Great Depression.

In just the last year alone, according to a report this week from the Committee for a Responsible Federal Budget (CRFB), total U.S. public debt has jumped to $7.6 trillion, or 53% of GDP, from $5.7 trillion, or 41% of GDP.

Read the full editorial at the newspaper's Web site.