armati wrote:
The U.S. is headed somewhere, 22 trillion debt and 200 trillion unfunded liabilities, something will be done.
All debt gets paid, either by the borrower or the lender.
These days that interest rate the US pays on dept is well below 3 percent even when the economy is near full employment. Meanwhile, the U.S. economy has an underlying growth rate of maybe 2 percent, plus 2 percent inflation – which means 4 percent nominal growth.
What this means is that debt doesn’t spiral. On the contrary, it tends to fall as a share of GDP unless the government runs large primary deficits.
I’m not saying that we shouldn’t worry about debt at all, because there may be future contingencies when real interest rates rise and debt becomes an issue. But debt is way, way down on the list of things to worry about today– absolutely trivial compared with, say, crumbling infrastructure, which should be fixed without worrying about paying as you go.
armati wrote:....a new poll showed that 61 percent of Americans aged 18 and 24 have a favorable attitude to the term ‘socialism’.
Looks like we could be moving to socialism, maybe people feel there is no choice, but ya would think that people might notice what happens to socialist countries.
What happened to Sweden, France, Canada? Did I miss some news today?
Or are you saying the fact that a very small segment of the population, by barely a majority thought a word wasn't necessarily bad means USA is becoming the country you get all your news from? That's kind of a ridiculous position to take. It would be like saying: 58% of Russian's between age 4-6 have a favorable view of peeing the bed, which means soon all Russians will be bed wetters.