If the revenue and spending of the US doesn't change, it will default on its debt within the next 20 years. > Under current policy, the United States has about

If the revenue and spending of the US doesn't change, it will default on its debt within the next 20 years. > Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation). Unlike technical defaults where payments are merely delayed, this default would be much larger and would reverberate across the U.S. and world economies. https://budgetmodel.wharton.upenn.edu/issues/2023/10/6/when-does-federal-debt-reach-unsustainable-levels https://budgetmodel.wharton.upenn.edu/issues/2023/10/6/when-... We need to reduce spending and increase taxes, but that's politically unpopular. Ideally, when the economy is good, one should try to pay off the national debt, so that you can run a deficit when the economy is in recession. But the US just spent the last eight years running up incredible deficits; now, the debt needs to be reduced ASAP.