"Those who do not live in Fantasyland understand that the only options are:
* To greatly increase taxes on middle- and lower-income groups (a political nonstarter).
* To ‘fund' all of the new spending by selling bonds to the private market at much higher interest rates (thus sucking out private capital and increasing the cost of homeownership, which will lead to slower growth and higher unemployment).
* To have the central bank (the Fed) buy the new debt (leading to higher rates of inflation, making everyone poorer).
* Or for the government to act responsibly and reduce spending."
There are real costs to living in Fantasyland.
Richard Rahn, Senior Fellow at the Cato Institute and Chairman of the Institute for Global Economic Growth. From the Copenhagen Institute.
h/t Randall Hoven at American Thinker