I'm hesitant, but don't see it as the end of life as we know it. I'm all for spending cuts. Cut the military by 4x its current budget. Cut all foreign aid and corporate welfare. Cut all grants and wasteful endowment programs. You know I dislike welfare, so cut or reduce it as much as possible. Democrats would get their tax raises, and could pass a 250K and under cut later if they wanted. Just do something to get our debt under control. I'd rather go back into a recession now while we are still halfway solvent then suffer the depression that will eventually follow if we continue spending like this. Heck, the two credit downgrades we received already haven't killed us, what's a few more?;-) Do you support Krugman's suggestion to just keep printing money? Do you think its possible that we could lose our standing as the world currency?
What historical examples exist that the US is at the risk of repeating?