Mark Steyn measures the depths of America’s federal debt abyss.
In the weeks ahead, Democrats and Republicans will reach a triumphant â€œbipartisanâ€ deal to avert the fiscal cliff through some artful bookkeeping mechanism that postpones Taxmageddon for another year, or six months, or three, when they can reach yet another triumphant deal to postpone it yet again. Harry Reid has already announced that he wants to raise the debt ceiling â€” or, more accurately, lower the debt abyss â€” by $2.4 trillion before the end of the year, and no doubt we can look forward to a spectacular â€œbipartisanâ€ agreement on that, too. It took the government of the United States two centuries to rack up its first trillion dollars in debt. Now Washington piles on another trillion every nine months. Forward!
If you add up the total debt â€” state, local, the works â€” every man, woman, and child in this country owes 200 grand (which is rather more than the average Greek does). Every American family owes about three-quarters of a million bucks, or about the budget deficit of Liechtenstein, which has the highest GDP per capita in the world. Which means that HRH Prince Hans-Adam II can afford it rather more easily than Bud and Cindy at 27b Elm Street. In 2009, the Democrats became the first government in the history of the planet to establish annual trillion-dollar deficits as a permanent feature of life. Before the end of Obamaâ€™s second term, the federal debt alone will hit $20 trillion. That ought to have been the central fact of this election â€” that Americans are the brokest brokey-broke losers who ever lived, and itâ€™s time to do something about it.