
David Brooks NYT:
A nation can spend and spend, pile debt upon debt, but eventually there comes a reality moment when some leader emerges to say enough is enough and when decent people, looking around at themselves and their own best nature, respond by demanding a return to responsibility.
In the United States, we’re not at that moment yet. Private debt is being replaced by public debt. New entitlements are being created, and the money that could be used to ward off fiscal disaster is being used for other things. Here, Democrats still get ahead by promising tax cuts for the bottom 98 percent and Republicans get ahead by promising tax cuts for all and Medicare cuts for none.
But Britain has hit its reality moment.
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