1. In 2001, the federal government ran a $127.3 billion budget surplus, and our debt was manageable; increasing spending was something we had to do in crisis.
You know, just a one-time thing to take care of the people we loved.
2. But soon, those surpluses became deficits; $157.8 billion just one year later and $1 trillion last year.
We found ourselves getting in too deep.
3. The economy stagnated, unemployment was still too high and labor participation remained historically low.
4. We blamed our spending on the economy, but we became addicted and things spun out of control.
We went a little cuckoo…