Most people don\u0027t lie awake at night worried about the national debt.
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It can only go on so long. Ordinary people who live on credit cards and pay only the monthly minimum can tell you that. Eventually, credit card payments don’t pay for any new goods or services, just interest. Harvard’s Carmen Reinhart and Kenneth Rogoff analyzed 44 countries in their landmark analysis for the American Economic Review. They found that when national debt exceeds 90% of GDP — a benchmark that’s already in the U.S.’ rearview mirror — the economy falters.Sadly, there is no hope Democrats will agree to spending reforms without pressure from House Republicans withholding the debt ceiling hike.
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