Eschatologist #5: A Trillion Here, a Trillion There, and Pretty Soon You're Talking Real Money

I've been talking about the knobs of society in my newsletters. Well one of the knobs we appear to have lost all fear of is the spending knob and we've decided we can pretty much turn it as high as we want without consequence. And yet everyone regardless of their economic ideology realizes that we can't turn it up forever. And the key problem is that people imagine that when the time comes when we need to moderate our spending that it will be easy to turn down. I very much doubt that.