Our looming budgetary crackup

Professor Ralph Reiland here takes a look at the government’s own numbers and foresees a crackup looming — just about every dollar going to debt service and entitlements.

I’m not optimistic that a Romney administration could do much to avert the crackup, but we know that four more years of Obama will hasten it.

This is the inevitable result of a democracy where special interest groups get to engage with impunity in what Bastiat called legal plunder.