What can’t go on forever, won’t. The question is how many more generations are we bankrupting with entitlement spending, gargantuan government, and pension promises that cannot be honored.
You beat me to it.
I think that was a quote by Herb Stein, the father of Ben Stein.
I agree... but, it can sure go on a lot longer than you might think. I bought a book, The Great Reckoning, that makes pretty much this same case. I bought that book 25 years ago. It was all supposed to happen in the1990's.
Today, Japan's debt/GDP ratio is 2.5X ours. Their population is shrinking much faster than ours. And yet, they still trudge on.
I'm 56 now. Maybe they can keep this bubble in the air longer than my lifetime... or, my kid's lifetimes? Maybe deficits really don't matter? If nobody ever settles up, what difference does it make?
The engineer in me says this MUST happen. The real world observer in me says: It sure hasn't, thus far.