I don't know if there's a difference between today's debts and yesterday's. The point is that we have had big debts in the past compared to the size of our economy, yet we're still here today. We don't have to go out and buy bullets and bomb shelters because the US is about to collapse due to its debt.

However, I do believe that running continuous deficits (all else being equal) can't go on. I don't care if they're a R or a D, they're going to have to come up with some sort of solution to fix the problem before interest payments start crowding out EVERYTHING.

Winston Churchill once said of America, "The Americans will always do the right thing… after they’ve exhausted all the alternatives." I think we're still in the process of exhausting all the alternatives, politically. Hopefully after this process is done, we'll do the right thing. Maybe I'm naïve. We'll see. For now, I'm not scared yet.