SPENGLER: Art Laffer’s Chinese Curve Ball.

If you want to compare the debt position of the United States and China, consider that the United States has run up $21 trillion in government debt, and has nothing to show for it but future obligations to pay entitlements. China has run up a similar amount of debt, but has used it to build infrastructure. It now has dozens of brand new cities designed for self-driving cars, 30,000 kilometers of high-speed trains, excellent roads, and brand new airports. The US has collapsing infrastructure, a rail system that is a national humiliation, and airports look like Third World leftovers

I’ve been saying for a while now that if the broad American public ever catches on to just how badly Washington has ripped us off and for how long, that the reckoning will be ugly.

And do read the whole thing.