What is to be done? 0

John Hinderaker of Power Line quotes Lawrence Kadish (writing in the Wall Street Journal, October 12):

It is the interest on the national debt that makes our future unstable. The exploding size of that burden suggests that, short of devaluing the dollar and taking a large bite out of the middle class through inflation and taxation, there is no way to ever pay down that bill. …

In stark but simple terms, unless Americans are made aware of this financial crisis and demand accountability, the very fabric of our society will be destroyed. Interest rates and interest costs will soar and government revenues will be devoured by interest on the national debt. Eventually, most of what we spend on Social Security, Medicare, education, national defense and much more may have to come from new borrowing, if such funding can be obtained. Left unchecked, this destructive deficit-debt cycle will leave the White House and Congress with either having to default on the national debt or instruct the Treasury to run the printing presses into a policy of hyperinflation.

It is against this background that Washington is now debating whether to create social programs it can’t afford.

He comments on this – and we agree:

It is hard to overestimate the danger to which the fecklessness of our current leaders in Washington exposes the nation.

But if ¬†Americans are ‘made aware’ of the great danger they are in – and many of them are aware, as witness the tea parties and the 9/12 protest – what can and should they do about it? ‘Demanding accountability’ would not be enough, even if they got it.