I have been calling it the event horizon ... Steyn is calling it "The Edge of the Abyss".

Amid the ruin and rubble of the grey morning after, it may seem in poor taste to do anything so vulgar as plug the new and stunningly topical paperback edition of my book, After America — or, as Dennis Miller retitled it on the radio the other day, Wednesday. But the business of America is business, as Calvin Coolidge said long ago in an alternative universe, and I certainly could use a little. So I’m going to be vulgar and plug away. The central question of Wednesday — I mean, After America — is whether the Brokest Nation in History is capable of meaningful course correction. On Tuesday, the American people answered that question. The rest of the world will make its dispositions accordingly.

In the weeks ahead, Democrats and Republicans will reach a triumphant “bipartisan” deal to avert the fiscal cliff through some artful bookkeeping mechanism that postpones Taxmageddon for another year, or six months, or three, when they can reach yet another triumphant deal to postpone it yet again. Harry Reid has already announced that he wants to raise the debt ceiling — or, more accurately, lower the debt abyss — by $2.4 trillion before the end of the year, and no doubt we can look forward to a spectacular “bipartisan” agreement on that, too. It took the government of the United States two centuries to rack up its first trillion dollars in debt. Now Washington piles on another trillion every nine months. Forward!

If you add up the total debt — state, local, the works — every man, woman, and child in this country owes 200 grand (which is rather more than the average Greek does). Every American family owes about three-quarters of a million bucks, or about the budget deficit of Liechtenstein, which has the highest GDP per capita in the world. Which means that HRH Prince Hans-Adam II can afford it rather more easily than Bud and Cindy at 27b Elm Street. In 2009, the Democrats became the first government in the history of the planet to establish annual trillion-dollar deficits as a permanent feature of life. Before the end of Obama’s second term, the federal debt alone will hit $20 trillion. That ought to have been the central fact of this election — that Americans are the brokest brokey-broke losers who ever lived, and it’s time to do something about it.

Read more...