January 18, 2010
Is a US default inevitable?
Consider the five largest elements in the budget—Social Security, Medicare, Medicaid, defense and interest on the debt—and ask yourself how one shouldn’t believe it imperative to stop the exploding national debt from surging above 100 percent of GDP… even though, unfortunately, it is not possible to see how, politically, this can be done. Well, it’s somewhat paradoxical, but that’s more or less how Pat Buchanan puts it. Which is the same as to say that a US default is (perhaps) almost inevitable. [Thanks: Tom Carter]