From Ashley Lyman, Professor Emeritus of Economics and Statistics, University of Idaho:
It is a bit tiresome to continually hear the story of a “Sovereign Debt Crisis”. This is absolute nonsense, it misses the point, and it appears to be the best strategy that governments and socialists have at deflecting attention from the real crisis. The real crisis is excessive government spending. Excessive spending is the same as excessive size. People in government do not produce anything useful. They are the ultimate leaches on the backs of people who work. Those who work must work hard and long enough to supply the food, clothing, cars, vacations, entertainment, medical care, etc. for those in government! Those in government, perversely earn higher incomes and have better retirement plans and better health care plans than those who must work to make this possible. The truth of this problem seems to never get much attention.It is second nature and tempting for an academic to stay within the confines of professional writing and third person analytics. However, the problem we face in the United States and elsewhere in the world, never seems to get any smaller. And maybe some acerbic and critical commentary will be productive. It certainly can’t hurt.