The U.S. economy has been unsustainable since the era of Ronald Reagan, who won power by promising to cut taxes while raising defense spending—a recipe that ensured he’d have to borrow billions. By the time Reagan left office, the U.S. had gone from being the world’s biggest creditor to the world’s biggest debtor and it’s only gotten worse since then. Yet greedy Americans refuse to accept that they must both curb their spending and raise taxes.

[Dominic Sandbrook, London Daily Mail.]