By James Preston Allen
There has been a grand display of hand wringing lately about deficit spending. So much so, that three cities in the state of California have committed civic suicide and voted to file for bankruptcy rather than face the music of declining revenues.
Every Republican, from Mitt Romney on down is crying about the national debt, now topping $15.8 trillion, and the news media only amplifies the conservative mantra “the sky is falling” without ever putting it in historical perspective.