Article snippet: Posted at 4:00 pm on August 5, 2017 by Patterico Yesterday, in my post about the latest jobs report, I said that “our massive looming government debt bubble” will “precipitate the biggest economic disaster of them all.” A commenter here at RedState asked what I meant by a “government debt bubble.” I have talked about this before, but it is an important enough topic that it is worth revisiting. In short, we’re in a bus speeding towards a cliff. We’re probably already past the point of no return. The bus is going over the side. It’s not a matter of if, but a matter of when. About the only thing we can do is bail out of the bus before it goes over. It’s going to be a hell of a crash. And the thing is, most of the occupants of the bus are acting like there is nothing wrong. Let me introduce the topic by quoting myself from two days after election day, 2012: Now, there has been no major crash since 2012, and you could be forgiven for assuming that our economy is in decent shape, with the stock market booming and the jobs report looking pretty solid. And one could always reply to doom-sayers such as myself by saying: hey, the economy is cyclical. There probably will be a crash, but the fact that you predicted it doesn’t make you some kind of economic Nostradamus. Fair enough. But here’s the thing about the popping of the stock market and real estate bubbles: 1) most people realized, deep down, that we were in a bubble at the time, if they thought about it for two s... Link to the full article to read more