“America’s long-awaited fiscal train wreck is now under way.”

That is a quote from Morgan Stanley's Chief Economist, Richard Berner. This from Politico:

"By “train wreck,” he means out-of-control federal budget deficits that he’s sure will finally drag the economy under — as if we weren’t already feeling badly enough about its shaky state."

I don't know that this should be a surprise to anybody. We have been on this course for several decades.

Now it is catching up with us.

Some propose that we spend and borrow even more to "cure" the problem.

Utter madness.