This is a copy of a comment I made on the PG about Jack Kelly's column today "The real 'fiscal cliff' (It plunges down from our mountain of debt)".
I could say something about living through stagflation and Reagan's record breaking (in size) deficits (and remember the true hero was Paul Volker). I could say something about the "Dubya" years spending. But I will just reference Dick Cheney quoting Ronald Reagan - "Deficits don't matter". Not that I am saying that I agree with Reagan/Cheney, I was fan of Clinton's balanced budget and surpluses. Republicans, by their actions and statements when a Republican is in the White House, believe otherwise.
Conservative commenters here will disagree and screech I am playing the race card, but Kelly's largely unspoken message is that this is all the fault of and will not solved by the BLACK DEMOCRAT (socialist, communist, Islamic, terrorist). Now, surely there is a point where we can go so far in debt that we do get into a terminal level of trouble, but if we look at how the market for treasury bonds is behaving now, people still treat the US as so safe (compared to the rest of the world) they are willing to pay us a small amount to hold their money.
It is possible Republicans/conservatives like Jack Kelly will be able to damage us so much they can get more than just Citigroup to lay off 11,000 employees. Remember, Republican intransigence managed to get our credit rating reduced, according to the company that did the reduction.