Ann Romney addresses the Republican Convention earlier tonight.
"I can't wait to see what we're gonna all do together. This is gonna be so exciting..."
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Let's see how exciting Ann thinks it is in 4 years when our national debt hits $22 trillion, regardless of who wins this election. Romney doesn't have the cojones to make the cuts, just like every President before him. And since he actually wants to increase military spending from current levels, he'll end up a deficit president just like Obama. Book it.
The only thing that will will force Washington to act on spending is the bond market. When the bond vigilantes finish with Europe in 24 months or so, the United States of Insolvency - Land of the Free and Home of the Broke - will be their next target.
When bond yields start spiking as we approach a $20 trillion national debt in late 2015, then and only then will Washington even begin to take the issue seriously.
Have panic, will act. Until then, expect nothing.
We will borrow 43 cents of every dollar, behaving blissfully as if absolutely nothing could ever go wrong. Until it does. And by then it might be too late.