Americas debt disaster is a five-alarm fire and theres only one fix

Last week’s grim news about America’s publicly traded debt should be a blaring emergency siren — and a wake-up call.Data from the Bureau of Economic Analysis shows the debt, at $31.27 trillion, is now higher than the entire nation’s gross domestic product of $31.22 trillion.That’s a 100.2% debt-to-GDP ratio.The annual interest expense for carrying this debt exceeds $1 trillion — that’s $1,000,000,000,000, with 12 zeroes.What a legacy to leave for our children and grandchildren.How did we fall into this deep hole?Start with the reality that the federal budgeting process is a farce and an abomination.No rules, restraints or restrictions keep Congress from spending willy-nilly on everything from food stamps to day-care centers to health insurance to farm subsidies.And both parties are in on the game: Republicans call themselves fiscal conservatives, but the results don’t support that label.Republicans control the presidency, the House and the Senate — and they’re spending at record levels. Sorry, can’t blame that on the Democrats.But the Democrats aren’t helping matters; their only solution is to soak the rich. Good luck with that: Federal tax receipts are already at an all-time high.Clearly we don’t have a revenue problem. I’m reminded of Ronald Reagan’s quip when asked whether he would support a tax increase: “Never give an alcoholic another drink.”We’re on a bipartisan spending spree, and we’re not paying the bills, just charging them to the world’s largest credit card — with no borrowing limit but a debt “ceiling” that keeps getting extended. This is called a “buy now, pay later” scheme, and we should have learned by now that those never turn out well.Now Republicans are about to blow another hole in the budget by passing a $200 billion military “supplemental” spending bill — without any offsetting savings.That should officially end the masquerade of Republican fiscal responsibility.One of Congress’ fe...