Once upon a time, the US National Debt was a big issue. In the nineties a major third party campaign, Ross Perot, was focused on the issue of debt.

Public attention on the issue has declined in recent years. In recent years, the debt has skyrocketed as politicians of both parties have spent liberally.

Peter F. Drucker put the basic challenge neatly three quarters of a century ago, writing in Harpers.

Today we have one man or woman over sixty-five for every seven or eight people of working age. In another twenty-five years we will probably have one old person for every four people of working age - and this may prove to be an over-conservative forecast.

This demographic truth has only become more challenging as medical advances extend lifespans and retirement. Sadly all this was easily predictable and something for which solutions have long existed.

President Obama commissioned a blue ribbon commission in 2010 to study and recommend solutions to the problem. A bill built on the resulting plan failed by a vote of 382 - 22 in the House of Representatives.

Several European countries have "successfully" reduced debt ratios, albeit at a substantial cost.

Quality of life has declined as real wages have plummeted. Greece has even gone so far as to implement a six day work week.

Perhaps most sad of all is lack of a good answer to the glaring question: what did the country get in return for all this debt? Where is the 21rst century Hoover dam or interstate highway system or next generation public university system?

What story will our grandchildren tell?