Comment: Re:Why is it news (Score 1) 814
Glad you brought that up. Debt/GDP is about where it was at the end of WWII. What differs now is the will to respond. That generation tightened their belts and raised taxes as high as in the 90% range for top tax brackets.
That generation also could cut government spending by 60%, since, y'know, they could just turn off the war economy they'd been under for the past four years. It's a lot harder to turn off entitlements.
Twelve years ago we were able to maintain a thriving economy, the entitlement programs, and top marginal tax rates below 40%, and we had budget surpluses. Now we have lower tax rates, a huge debt problem, and people saying we have to chop off support for the most vulnerable segments of society. We can fix the budget problem by a convex combination of entitlement cuts and tax increases, but you can't have it both ways and most people want the entitlements.