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Even worse, that debt doesn't capture obligations such as social security. Reagan got us addicted to the heroin of debt after the Nixon Shock that effectively e
by taylodl 2y ago
Even worse, that debt doesn't capture obligations such as social security. Reagan got us addicted to the heroin of debt after the Nixon Shock that effectively ended the Bretton Woods Agreement. Like all addicts, weening ourselves off our drug of choice isn't going to be easy.
The pessimist in me sometimes thinks the Boomers are kicking the can down the road so the worst effects will be felt after they're in the grave.
- chiefalchemist 2y agore: Kicking the can Yes, tho' perhaps not intentionally per se. At this point, there's simply no incentive for anyone to say "we've got to fix this sooner rather than later." It's easier to be silent and breathe sand. It's easier to push the "the Fed debt don't matter" narrative. It's easier to blame symptoms (i.e., certain political candidates). Meanwhile, the middle class *is* being hallowed, and more and more are looking for a solution outside the traditional norms because that status quo is intentionally not serving them. The gaslighting is less and less effective. What could go wrong? p.s. Let's not forget what happens when The Fed pitches in to keep the gov running, service the debt, etc.