We need to act, immediately. Not acting will create some serious problems for US citizens and the world. The US debt will be 1 trillion dollars in INTEREST per year by 2020.
As Mr. Cote says in this video, if 1 million dollars was spent every day since Jesus was born, you still wouldn't have spent 1 trillion dollars. And thats just the interest, with assumptions that the rates don't skyrocket for borrowing like Ireland.
This video is well worth the watch. I will add it to my new reader link, as well as give this the label "financial ground zero". This time instead of documenting the death march into financial chaos, to document moments when the nation can change direction.
The nation is facing a collapse aka Rome, and the public just isn't aware. A slap in the face from the bond market is what I unfortunately believe is required to invoke action.