An excellent article. The trajectory is catastrophically bad and both parties are responsible. We’ve seen many examples of the consequences to countries that have let government indebtedness exceed sustainable levels - and these consequences sometimes occurring with indebtedness metrics (debt / GDP, deficit / GDP) that were lower (less adverse) than are the US’s. The US$ reserve currency status, perception of safety in volatile periods and other characteristics give the US some leeway, but we’re at or maybe beyond an inflection point.
An excellent article. The trajectory is catastrophically bad and both parties are responsible. We’ve seen many examples of the consequences to countries that have let government indebtedness exceed sustainable levels - and these consequences sometimes occurring with indebtedness metrics (debt / GDP, deficit / GDP) that were lower (less adverse) than are the US’s. The US$ reserve currency status, perception of safety in volatile periods and other characteristics give the US some leeway, but we’re at or maybe beyond an inflection point.