The Only Orthodoxy is Reason

A report from January of this year estimated the total US federal government’s 2007 debt to be $163 Billion, or about 1.16% of GDP.  This is certainly not ideal, but with consistent economic growth the situation might prove at worst benign.  Unless, of course, I told you that these figures aren’t based on accrual accounting.
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During much of 2007, illegal immigration became an issue of tremendous importance in America. Ordinary citizens rose up en masse to reject the McCain-Kennedy immigration bill in June; the Republican presidential candidates talked about the need for border security and argued about how we should handle the millions of illegal immigrants living there. […]