Americans had approved government bond issues one after another for many years based on the popular premise of "growing out of debt". [Fancy talk for pushing the day of fiscal reckoning into the future. And why wouldn't we -- after all, that's the American infomercial way of going from rags to riches.]
Our nation is now running a $1 trillion annual deficit. The U.S. public debt is now up to 70% of the gross domestic product -- and growing. If the bubble doesn't burst, it'll be 200% in one generation. We need to reform entitlements and eliminate tax breaks. Otherwise our voters are no better than those in Greece.
My advice for individuals is the same now as it's always been:
Get out of debt no matter what it takes. Then learn to live within your means while saving 15% of your net income for emergency use only. A hillbilly living in poverty now is better prepared for "taxmageddon" than someone who's mortgaged to the hilt.