National Debt, Budget Deficit Scary Forecast for Taxpayers: Obama to Sign Fiscal Reform, Economists Predict Cutbacks, Tax Increases - ABC News: "Over the past year alone, the amount the U.S. government owes its lenders has grown to more than half the country's entire economic output, or gross domestic product.
Even more alarming, experts say, is that those figures will climb to an unprecedented 200 percent of GDP by 2038 without a dramatic shift in course."
The CID revolution was accelerated by measures that cut or capped property taxes. Imagine what kinds of institutional changes are in store for us. These gigantic deficits at all levels of government will force cuts in services that we think today are essential, and tax increases that we think nobody could afford.