The United States is bankrupt.

That’s the provocative thesis from an economics professor at Boston University. He cites as proof a recent report that the US government needs double the funds it currently has on hand to cover all the spending promised to future generations.

That might sound a bit confusing, so think of it in personal terms.

We all make plans for future spending–perhaps for our children’s college education, or for our retirements. But no one would suggest that the time to start saving is the day you turn 65, or the first day of college. Financial planners advise that you start saving now based on your anticipated future expenses.

Unfortunately, our representatives in Washington have ignored that advice. Congress has made plenty of costly promises to future generations–most recently, through the new health care law–without considering how they’ll pay for them.

We’re on track to fall far short of making good on our IOUs when they come due. Yet instead of cutting back, Congress continues to spend and accumulate debt at an incredible pace: $1 million every 30 seconds. Much of that money is owed to foreign governments like China and Saudi Arabia.

What’s the solution? For starters, acknowledge that we can’t borrow or tax our way out this pickle. Our debt is already on track to exceed $26 trillion in the next ten years, and there are serious consequences to accumulating debt of this magnitude.

And–according to the economist above–defeating this debt with higher taxes would require doubling everyone’s taxes right now and keeping them high indefinitely into the future. (See why else higher taxes won’t work).

There’s an old saying: If you find yourself in a hole, the first thing to do is stop digging. That’s exactly what the big spenders in Congress need to do: STOP.