Historic debt will yield historic consequences

Ol' Remus maps it out, plain and simple:

There are those among us who want what they don't need and need what they don't want. Tolerance for this has metamorphosized into entitlement, which for the beneficiary mimics success, and so the core of career consumers has grown large enough to make its own weather and exert its own gravity. Debt on this scale would eventually overwhelm any economy, no matter how robust. Enough is never enough, even if it were a wide-open spigot plumbed to any conceivable source of supply. Fantasies about debt can keep it going for a while, but in the real world no debt has ever gone unpaid, if not by the borrower then by the lender. In the end, historic debt has historic consequences.