That which can’t continue doesn’t. A nation can spend and spend, pile debt upon debt, but eventually there comes a reality moment when some leader emerges to say enough is enough and when decent people, looking around at themselves and their own best nature, respond by demanding a return to responsibility.

In the United States, we’re not at that moment yet. Private debt is being replaced by public debt. New entitlements are being created, and the money that could be used to ward off fiscal disaster is being used for other things. Here, Democrats still get ahead by promising tax cuts for the bottom 98 percent and Republicans get ahead by promising tax cuts for all and Medicare cuts for none.

But Britain has hit its reality moment. The Brits are ahead of us when it comes to public indebtedness and national irresponsibility. Spending has been out of control for longer and in a more sustained way.

But in that country, the climate of opinion has turned. There, voters are ready for a politician willing to face reality. And George Osborne, who would become the chancellor of the Exchequer in the likely event that his Conservative Party wins the next election, has aggressively seized the moment.