Stephen Moore: “[The] headline in the Los Angeles Times – ‘Argentina Defaults on International Debt’ – spooked me, as it did investors. The stock market tanked on the news. All Americans should feel the same apprehension. … Is the day coming when America looks like Argentina? … Probably not any time in the short term. Hopefully never. But the parallels here are not encouraging. Argentina has printed money. Our Fed has created at least $3 trillion through QE1, QE2, and QE3. Their economy has been growing tepidly and shrank in the first quarter of 2014; we’re stuck in a 2 percent growth paradigm. Yet no one in Washington is doing anything about it. … Our interest rates today, thankfully, are low. But if rates rise by two percentage points more than projected … the debt rises by another $3 trillion or so over ten years. Interest payments on the debt could become the single largest expenditure in the federal budget. … Argentines only have themselves to blame. So will we, if we don’t act soon to balance the budget and grow the economy.”