You’re crazy. We can kick the fiscal can down the road for decades. Look at
Japan’s debt/GDP ratio compared to ours. We unfortunately can go much more into debt, and with interest rates this low, servicing all this debt is much easier. And the U.S. benefits from being the world reserve currency with the $ meaning there is massive supply for all our bonds even as our debt levels rise.
We may have some blips and recessions here and there, but we aren’t heading for a major depression anytime soon. And I also don’t buy the rampant inflation story. Labor unions are what really drove inflation in the 70’s and 80’s and labor doesn’t have the power it once had. We will get some inflation over the near term but I really don’t think our economy is going to see breakout inflation.
**Edit: I’m not saying this is a good thing. It’s a horrible thing. I wish our government were more responsible. I’m simply saying I don’t buy the doomsday scenario. 2008 was way worse than anything we’re facing right now IMO. And our debt levels, while ugly, can unfortunately get a WHOLE lot uglier.
This message has been modified
Originally posted on May 4, 2021 at 10:28:48pm
Message modified by Mr. Rumsfield on May 4, 2021 at 10:30:41pm