Tragedy of the Commons & the day of economic reckoning.

Another great article by economics professor Walter Williams.  The American federal debt is now 106% of GDP (gross domestic product), a level not reached before except during WWII (122%).  Every dollar spent on interest in one less dollar to be spend on something more worthwhile.  People don't seem to be able to see the potential  relevance of what is happening in  Greece, Italy, Ireland and Portugal.  Buying votes wasn't the only factor in the EEU crisis, but it was a big part.   As baby boomers become an increasingly larger segment of the U.S. population, expenditures for social security, medicare, medicaid and related programs are going to balloon.  Someone down the line (our children and grandchildren)  we are going to get hit hard.  It's time to turn this thing around.