While it is uncanny how deft today's politicians have become at deflecting responsibility for the financial mess we are in, the cause of our current dilemma rests squarely on the shoulders of taxpayers and consumers that spent more than they earned, borrowed more than they could afford and lived lifestyles that bore no resemblance to their own actual economic condition. Such is the stuff of all economic bubbles. However, these same people that overextended themselves are now deep into the process of righting their personal financial affairs. The household savings rate is now at historically high levels. Household debt reduction is also at similarly high levels. Individuals and households got the message that life has changed. However, the Congress shows no such discipline and the legacy of this policy will be stagnant growth, high unemployment and no wealth creation. It is this trifecta, which last manifested itself in the 1970's, that will send many Congressmen into retirement. But will anyone remember this when it all comes apart?
To quote Glenn Reynolds of Instapundit.com, READ THE WHOLE THING!