[nathanbedford]

… that shot, to be effective, would magnify the economic pain and disruption in the near term.

My fears exactly. Republicans will be admonishing people to eat their spinach while Democrats offer a sugar dessert. Hard-pressed electorates are not famous for prudence or for postponing gratification.

An honest appraisal of both Ronald Reagan's and Donald Trump's administrations tells us that both of these brilliant politicians were fully aware of the dangers of the politics of austerity and each spent money when it became politically expedient, Trump from the very beginning. However, the contemporary misadventures of prime minister Liz Truss suggests that the bond market will not tolerate tax cuts without spending cuts. Can it be that the bond market can at least temporarily trump the electorate and so force austerity?

[Scott from the Left Coast]

The Bond guys would if they could - to save the system. They need to suck more excess liquidity out than has ever before existed. In divided government with Joe going down fast. Lousy hand to play. If they don’t succeed, the Left is going to get their revolution.