I basically agree with this assessment. The economy has been artificially inflated with an orgy of government spending. Unfortunately, the bill has come due. There will be short term pain to tame government spending. The alternative is an economic collapse when the world rejects tht dollar.
Reducing spending is only half the equation. We need to make the country attractive for investors especially investments in human capital. The massive mountain of new regulations on employment and production will still impede investment evan after spending reductions are made.
Bingo.