In reaction to my post yesterday, several people pointed out that Obama's budget deficits would lead to certain economic doom. Let's take a look at that assumption.
First, if you are American, and you believe the deficit means certain doom, you should cash in all of your investments and move into some sort of survivalist encampment, or to a country that has less of a budget problem. You don't want to pay your share of the $19 trillion. So if you aren't already packing to leave, maybe you are just saying you think the ballooning national debt is the end of us all, but you really think we'll figure a way out of it. This might be similar to saying you believe in Jesus but for some reason you refuse to give most of your money to the needy. There's a difference between real believing and whatever the heck the other thing is.
Allow me to be the first to say I don't understand all the ins and outs of the national debt. On the surface, it's hard to see how you can pay off a multi-trillion dollar debt even if you mug the rich. It's not even clear how we could stop the debt from increasing every year until cannibalism breaks out.
On the other hand, the Adams Theory of Slow Motion Disasters states the following: Any looming disaster that is generally recognized years in advance is eventually solved. For example, population hasn't increased until we ran out of food (Malthus), the Y2K problem got fixed, and even our air and water quality have improved in recent years in the U.S.
So what are the odds that human ingenuity will find a way to pay off the national debt, or at least pound it into a smaller problem before it rips society to shreds?
Do the economic experts in the Obama administration believe the debt is unsolvable? It's entirely possible that some of them think we're doomed, but they don't speak out because keeping their jobs in the short run is the best strategy they have.
I declare a link war. Show me your links to the best arguments for the debt eventually killing us all, and your links to any argument that says there is a way to grow the economy enough to pay it off. If you don't have a link to share, vote on the ones you think are most persuasive. Let's see if we believe, collectively, that we're doomed.