By Willis Cook
If you’re like me, the one thing you have heard all your life is that government deficits are unsustainable. Sooner or later a “day of reckoning” will come, whatever that means. But the strange thing is that we have been hearing this warning for a generation or more and we have had virtually continuous federal deficits during all that time.
And now with a deficit projected to be $1.6 trillion — almost four times the deficit under George Bush — no one, especially no one in the government, seems particularly concerned.