Monty at AoSHQ links to a Victor Davis Hanson article then echoes my feelings exactly:
We are in a very real sense selling our own children into indentured servitude so we can continue to live beyond our means.That's accurate: everybody except the "crazy" Tea Party is buying into the fiction that we can "grow" our way out of debt if we could just get the economy moving again even as the CBO reports that Obama's budget would double the national debt by 2021.
This makes me incredibly angry. It offends me on a very deep moral level. If we had simply arrived on the scene with the situation as it is, we'd be baying for blood and demanding fundamental changes. But since we have marinated in this dream-world for our entire lives, we simply take it as our due. There is the incoherent but widely-spread belief that...well, things will just work out, somehow, without anyone having to make any difficult decisions.
What's equally annoying is that a lot of newly-minted history buffs are pointing to Americans 100%+ debt-to-GDP load after World War II as a sign we can erase this debt again. Impossible. In 1946, Social Security didn't have pubic hair, Medicare wasn't yet enacted and America's economy was the only game in town, flush with returning GIs to fill the labor force. The situation this time is the exact opposite: our economy is losing ground to rapidly expanding economies (the ones lending us money), and the mandatory spending of entitlements and interest on the national debt are swallowing the federal budget.
What do we do? Congress is holding drag-out, knock-down debates on cutting $6 billion from the annual budget as we roll up over triple that amount in overspending in February alone. This is how the country dies, not with a bang but with the whimper of a downgraded credit rating.