This is the Cato Daily Podcast for Monday, September 27, 2010.

I'm Caleb Brown.

The growth of US debt didn't happen overnight and the problem is much larger than

official estimates will tell you. but the bill for a decade of

profligate spending is beginning to come due. The example of Greece should loom large

for anyone who cares about reducing the size and scope of government.

Larry Reed is president of the Foundation for Economic Education.

He is also the founder of the Mackinaw Center for Public Policy in Michigan.

We spoke about U.S. debt last week.

The growth of US debt has been not only economically incomprehensible and horrific, it's been

morally reprehensible.

What we're doing to burden future generations with the bills of today

is absolutely a moral affront and offense.

And I'm very concerned about what it says not only about the

character of the politicians who have voted to give us this debt, but what it says

of the character of the people who voted those people into power.

I think Americans should be frightened at this massive growth of debt and be eager to fix

the character problems that are leading them to often vote to elect and

reelect the people who give it to us.

It's hard to construct a good picture of what debt looks like in the United States because there are so many things that just aren't

included when it comes to official calculations of federal debt.

Well if you look at the official national debt that amounts to about $40,000 for every individual

...