Looming 'debt hangover' will crush the economy

Finance professor Jason Reed wrote a commentary piece for CNBC regarding the Congressional Budget Office's recent economic outlook report. Read the full op-ed here.

It may not be today, or tomorrow, but at some point in the near future, the U.S. will have a debt hangover. We will wake up and feel the effects of continued government spending, the persistent lowering of tax revenue, ballooning mandatory social welfare payments, and ever-increasing interest payments. It is not going to feel good.

How did we get here?