This article Speeches ignore impending U.S. debt disaster ominously mentions a fiscal looming fiscal catastrophe due to a budget gap estimated at $72 trillion (thanks to Rob Moody for the link).
On one hand, this indeed looks bad, very bad. On the other hand, the sky-is-falling-crowd never seems to have their predictions borne out. They never take into account the entrepreneur and the market, and their circumventing the clumsy state. And then you have the silver lining crowd–the libertarian cheerleaders who always think a revolution is around the corner, and the subset of those who think impending sky-is-falling will be the trigger. So they actually seem to see signs of hope in such bad news, much like fundamentalists keep seeing signs of Armageddon in events in Israel.
These libertarians are the “the worse the better bunch”, but the worse the worse, a wise man told me.10:18 am on September 13, 2004 Email Stephan Kinsella