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Gordon's avatar

Jared, I wish I were as optimistic as you are. You write that we will have to suffer more pain before we are willing to make the changes necessary. It looks to me like we are already past the point of no return. The budget deficit is running about 7% of GDP, and climbing, especially as the interest portion is growing rapidly. We may hope that interest rates will soon decline, but I don't see them staying down a lot or for long. Increasing actual tax income enough to cover the deficit is not going to happen, and cutting federal spending by a like amount is a fantasy.

Even getting the growth in the federal deficit down to equal or less than growth in GDP would require reductions in spending that we can't conceive of. Reduce social security and Medicare spending by 10% immediately? Reduce the military budget by 50%? Default on the interest on the federal debt?

When we look at the actual sources of income and spending in the federal budget, we are on a course that cannot be sustained, and the changes that would be necessary to bring it back to sustainability are simply not going to be enacted. I wish I could see some prospect for something better than a catastrophic collapse of the entire system, but I think that is where we are headed. How and when we get there, I have no idea, but to follow the Hemingway meme, I think we are well into the gradual part now, and the sudden part is no more than perhaps a decade away. I would have thought less, but I am amazed that we have lasted this long.

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Liz's avatar

Mitt Romney competent? I suggest you dig a little deeper. He did the same thing as Obama in that Romneycare was implemented before the taxes to pay for it and the finances of the state were destroyed right after he left. He was questionable about saving the Olympics and is famous for not listening to anyone he doesn't view as important, which is most people. He is patronizing, smug, and will say anything to get elected. The others I don't know about, Youngkin seems to be doing well.

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