Yesterday I noted that even the U.S. economy, the best in the world, cannot support the current and upcoming federal debt. Here I explain the dismal political reasons why a reversal is so unlikely.
I hate to write this but there will be no action to deal with the budget until we reach the point of crisis,meltdown and implosion and then both parties will understand it has to be done...as it stands now one party seems to believe you can literally spend(print) as much money as you want with no ramification. The other party believes we have an upcoming crisis but realizes dealing with it will consign them to out of power status for years.The deficit and debt have been spoken of for so long that the public just tunes it out. the predictions of doom have been made for so long nobody pays them any attention. David Stockman spoke of the end of the world back when the total debt of the USA was under a trillion dollars. At this moment efforts to deal with the debt will be demonized and any slowdown in the economy that might ensue would be seen as a worse issue than the debt. The Simpson Bowles effort years ago during obamas term was perhaps the best and last chance for some sort of bi-partisan effort....sadly it was rejected and the problem is magnified. We are heading for a brick wall driving 150 mph and nobody will hit the brakes
How did that Mencken quote go? Something like "as soon as rapacious murderous dope fiend scum bags realize they can regulate the legislatures then their status will annually increase", and that includes those not in congress.
I hate to write this but there will be no action to deal with the budget until we reach the point of crisis,meltdown and implosion and then both parties will understand it has to be done...as it stands now one party seems to believe you can literally spend(print) as much money as you want with no ramification. The other party believes we have an upcoming crisis but realizes dealing with it will consign them to out of power status for years.The deficit and debt have been spoken of for so long that the public just tunes it out. the predictions of doom have been made for so long nobody pays them any attention. David Stockman spoke of the end of the world back when the total debt of the USA was under a trillion dollars. At this moment efforts to deal with the debt will be demonized and any slowdown in the economy that might ensue would be seen as a worse issue than the debt. The Simpson Bowles effort years ago during obamas term was perhaps the best and last chance for some sort of bi-partisan effort....sadly it was rejected and the problem is magnified. We are heading for a brick wall driving 150 mph and nobody will hit the brakes
Thanks for your comment, Jon. I think that you have it exactly right, alas.
How did that Mencken quote go? Something like "as soon as rapacious murderous dope fiend scum bags realize they can regulate the legislatures then their status will annually increase", and that includes those not in congress.