Stuff You Don't Even Want to THINK About

The sad part is that GWB doesn't exactly have clean hands, either.

Many predict that...the government will inflate its way out of this future bind, using Federal Reserve monetary expansion to fill the shortfall between outlays and receipts. But I believe, in contrast, that it is far more likely that the United States will be driven to an outright default on Treasury securities, openly reneging on the interest due on its formal debt and probably repudiating part of the principal. --Quoted in Powerline

Why?

Because with one brief exception, US tax revenues have hung around 20% of GDP since 1940. Thus, barring literally draconian tax increases AND enforcement, the ObamaBudget Frankenstein monster, combined with the SocSec/Medicare Monster, will force the hand of the Government.

Gee, that's a great start to the weekend, eh?