Deficit BS

While Ned is no fan of huge and sustained federal budget deficits, he is more and more chagrined at the bed-wetting and thumb-sucking that accompanies warnings of catastrophe from self-styled 'experts.' To wit: this mountain of debt will crush us when the 'bond vigilantes' decide to stop buying U.S. government securities. Ned asks these pointy-headed 'pundits' what these persons will buy instead? Money market funds paying 0.15% ANNUALLY? Municipal bonds? Russian government securities? Confederate money? Wampum? Gold at $1500 and ounce?
No friends, Ned sees no imminent catastrophe in the government running a deficit and the debt continuing to mount, because the cost to borrow that money is infinitesimal. Five year bonds are paying 1.5%. This means every $100 billion Uncle Sam borrows carries with it an interest payment of $1.5 billion a year.
Ned is much more concerned with Sneering Plutocrats and the Paris Hilton Crowd living off our backs and lecturing us on austerity and the need to 'cut social security' and such other twaddle. Much better to raise taxes on these parasites back to the 70% that ushered in an era of prosperity at the beginning of the Kennedy Era, and then to invite them to bugger off if they don't like it. Ned hears that the newly created "Republic of South Sudan" is eagerly seeking "entrepreneurs and investors."