Debt and deficits are not a problem as long as we maintain a credibility earned over centuries.  The US consumer is stronger than ever and the most powerful singular economic hegemon in the world.  The US dollar is the global reserve currency and US Federal debt is the global risk-free asset.  We are special.  We can run deficits of 6.9% of GDP amid a strong economy and there is little indication of unease displayed by the markets.  Federal debt is set to shoot through the meaningless, but closely watched, 100% of GDP level.  There is no predetermined level of debt or deficits that tell us the problem has gone too far.  We have no idea what the level will be when global investors decide enough is enough.  But that day is inevitable as long as we continue on the reckless fiscal path that now seems set to become even more reckless and even less credible.  We now cynically and lazily rest on the shoulders and laurels of the greatest Democracy the world has ever known.  We are special, but the actions of our current policy makers are not without consequences.

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