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Thanks for your thoughtful response.
I guess our biggest area of disagreement might be the spending. I'm not sure people will stop spending out of being scared -- they didn't get scared away from spending after running up huge debts they had no strategy to pay off so I don't think a left-wing blog post is going to be a major impediment.
I think spending will stop when the credit spigot runs dry, which has to happen at some point.
I may be older than you, but I'm only in my late 30's and remember when our national debt was around $400 billion -- about 20 times less than it is now. So, from my perspective, the debt looks like a march in one bad direction, not a steady state.
