Well the same reliable group, our good old CBO has issued a new warning: too much government debt is bad. Here's the chart:
Further increases in federal debt relative to the nation’s output (gross domestic product, or GDP) almost certainly lie ahead if current policies remain in place. The aging of the population and rising costs for health care will push federal spending, measured as a percentage of GDP, well above the levels experienced in recent decades. Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels.I'm sorry, what have we been screaming about in these pages for the last few years? What were we preaching as all the new taxes and entitlements were scheming their way through Congress? Unsustainable? Can you say "Argentina?"