Don’t be Fooled: Uncle Sam Is Still Bankrupt

The Cato Institute reports:

The big spenders in Washington are all excited: the deficit is down. That must mean the budget crisis is over and Uncle Sam can go back to wasting money, big time. Not that he ever stopped doing so. But now interest groups and leftish pundits are calling for more stimulus outlays, increased Medicaid, and expanded Social Security. They are defending huge increases in food stamp outlays. And ‘re theybewailing the terrible impact of “austerity,” defined as $5 trillion in deficits over the last four years.

It's a bad idea to allow government to issue bonds.