“We are now borrowing nearly $2 trillion a year to do things like ensure the 84-year old has a hip replacement—nearly half of it from the Chinese where 400 million have never been to a Westernized doctor. We spend $45,000 to incarcerate the felon in California, to meet utopian court-ordered mandates. As imperial Romans, we are felt to be owed a standard of living, even as our own daily habits would no longer necessarily translate into such largess, even as those on the periphery have learned what made America so wealthy from 1950 to 1990.”
Welcome to the ENTITLED society, where there is more ENTITLEMENT than there are JOBS.
If you want entitlements then they have to be paid for honestly and accounted for honestly. We have delayed an honest accounting for decades and succeeded because we had all these bubble bucks
The bubble buck scheme deflates when you have cascading defaults, non payments, repudiated promises to pay X at a future date. You might see a cascade start when a few counties and cities default on bonds. It won’t be a killer cascade but will be a glimpse of the future
Bubbles depend on confidence in a con game. Bubbles deflate when too many parties discover they will never be paid back the bubble bucks they lent out.