———so no real efforts need be made to cut spending or raise taxes———
Efforts to cut spending were made but ignored by the Senate. The effort to raise taxes by letting the Bush cuts be rescinded will fail
When the election is over, taxes will not be raised and the current ear’s deficit will be contained by cuts in spending.
That leaves the debt as the problem. The devaluation is a painless tax that reduces the worth of the debt in relation to gold and oil and food. Eventually wages will also feel the force of the devaluation and will rise, in spite of unemployment. The devaluation will be if not totally global, very wide spread.
It is the course on which everyone that counts, world wide, can agree.