If 'Unsustainable' Is New Normal, Collapse Is Closer Than We Think

Columnist and best-selling author Mark Steyn says Barack Obama doesn't know much about economics, which is not good news considering the shape the U.S. economy is in right now.

From his latest column in Investor's Business Daily:

Obama's spending proposes to take the average Bush deficit for the years 2001-08 and double it, all the way to 2020. To get out of the Bush hole, we need to dig a hole twice as deep for one-and-a-half times as long. And that's according to the official projections of his economics czar, Ms. Rose-Colored Glasses.

By 2015, the actual hole may be so deep that even if you toss every Obama speech down it on double-spaced paper you still won't be able to fill it up. In the spendthrift Bush days, federal spending as a proportion of GDP averaged 19.6%. Obama proposes to crank it up to 25% as a permanent feature of life.

But if they're "unsustainable," what happens when they can no longer be sustained? A failure of bond auctions? A downgraded government debt rating? Reduced GDP growth? Total societal collapse? Mad Max on the New Jersey Turnpike?

Read the full column at the link below:

Investors.com - If 'Unsustainable' Is New Normal, Collapse Is Closer Than We Think