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Leonard Khafafa, Public Policy Analyst: At some point, we will be forced to live beyond our means. The elephant in the room is public debt. When you look at the debt-to-GDP ratio, we are far above the recommended threshold, that means we are deeply indebted as a nation. Debt is basically tax in advance. Loans taken today will be repaid using future tax revenues. We are currently paying for debts incurred by past administrations. We have no choice but to pay.
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Leonard Khafafa: Future taxes will repay today's loans, we are paying today for past gov't loans.
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