Updated 13th February 2013 at 11:32 PM by The Booty Warrior
I'll first note that this may be considered political so the mods may shut it down.
I found it pretty crappy. It uses numerous scare tactics without much basis. I'll note the "if we pay out debt back at a dollar every second it will take 100K years." One dollar per second gives you about an annual $27 billion surplus. That's not very much. To pay back the debt you'll want a budget surplus of a few hundred billion dollars. That can be done in better economic conditions.
This credit card economy works if you completely ignore the fact that the burst of the housing bubble made easy credit hard to come by. Credit card debt has gone down recently because people are become more conservative with their credit cards.
Then they throw around "kick the can" ideas. The reason why Krugman's ideas on not reducing the debt now are so mainstream is because Western European nations have tried austerity and have had their economic growth crippled. I'm not presenting Krugman's ideas as fact, but there's a reason why anti-austerity is becoming very popular.
This piece throws around a bunch of buzz words and scare tactics, but it conveniently ignores the economic growth that's been going on.
I do think that our economic system may be permanently broken, but I don't throw around a bunch of baseless scare tactics.