Hanson:

The Reckoning:

"I wish the President well, but he is butting up against human nature. And that is a fight one cannot win. If one runs up nearly a $2 trillion annual deficit, and then persists in such red-ink to the point of adding another $9 trillion, all to reach an aggregate $20 trillion national debt, there are not too many options. If there were, everyone-both states and individuals-would simply spend, call it stimuli, and then find academics to offer contorted explanations why it was OK and the money need not really have to be paid back. Does Obama think his debt is like buying a house in a down market with an up market inevitable?–that is, we borrow to the max and then count on our equity to come to bail us out? But houses do not always go up, and we can’t quite sell off the US to capture our speculative profit."