There is no comfortable way out. The comfortable way out died out around 2005 or so. Then, we could have cut the deficit to zero and not really notice any changes.
George W Bush was nation-building back then
There were articles about him borrowing money from China
But I have not seen them since then 🤷♂️🤷♀️🤷🤷♂️🤷♀️
There was no political will to do anything about it. In retrospect, we should have raised the retirement age to collect Social Securtiy to 66 for everyone starting in 2020. Then every year after that, we'll raise it by a month. Eventually, we'll stop at around 70. So all of this will be gradual. We could have done it. But the Democrats are always going to play politics. So we'll just kick the can down the road.
It is pretty clear they have no intention of honoring future entitlement liabilities. And is the comfortable way to do that though the bad optics of letting seniors starve on the streets, or the comparatively good optics of a virus and subsequent vaccine side effects that they can claim to have no control over?
There is no comfortable way out. The comfortable way out died out around 2005 or so. Then, we could have cut the deficit to zero and not really notice any changes.
So how to prepare for tough times?