The Debt Apocalypse Hasn’t Happened Yet, Has It?

There is too much money at stake. It’s never going to happen.

I can remember that old saw from conservatives. Remember the prediction that public debt was going to crowd out private borrowing? That interest rates would shoot through the roof and it would be 1979 all over again?

In recent years, interest rates have been at all-time lows. Interest rates are still near historical lows. Yet, the federal debt now towers over the federal debt in 1979. Even with a debt equal to nearly…