This of course, assumes that the government has endless amounts of money to spend. This great illusion is on its last legs. It is no longer possible to continue.
For example, Social Security alone is theoretically promised something on the order of $65T. In the wildest fantasies, does anything truly believe that it can be given that amount of money, unless the dollar is as degraded as the Zimbabwe dollar?
What this means, practically speaking, is that Social Security is over. It cannot continue. Even if all the children clap their hands, Tinkerbell will die.
The same applies to the other government “largesse magnifique”, Medicare and Medicaid. They are done, and all that awaits is their autopsy.
Higher education? No more student grants or loans. No billion dollar subsidies. Enormous State University reduced in size by 4/5ths.
This experimental, fantasy economy of endless, ever growing debt has only existed since WWII. It was fun while it lasted, but it built a castle in the sky. Fast or slow, the castle has to return to Earth.
Well stated. I have been impressed with the length of the period during which deficits could grow. Since the 1930s, the nation has bound itself so tightly in its own debt that it can no longer reach into its wallet to pull out enough to cover the costs.
Behind the three doors before us is (1) high inflation, (2) debt default, or (3) a stop to spending. Behind one of the doors resides some hope for free and prosperous growth.
Which door will we choose?