This as a pointless political tool, which, for now, has been the exclusive domain of the repubs (when they can use it to disrupt a dem pres), with pointless brinksmanship over bullshit that makes no real difference to the budget. By doing that we’re reducing the length of Powell’s long run.

If we stop doing that and act rationally, we have plenty of time to address the things that do matter - entitlements, and also defense, although I don’t think we’re in a good geopolitical place to address that right now (I think defense spending has to go up before it goes down).

Powell’s disturbing data point was debt at 144% of gdp by 2050. That debt is rising faster than gdp. He’s right - but we only have to deal with the entitlement cliffs, and we can in a gradual way if we don’t destroy faith in our “willingness to pay”, over the next several decades. Our creditworthiness, which dwarfs any other institution’s in history, can be a potent weapon to allow gradual reduction of debt growth and eventually debt levels. If we don’t destroy that creditworthiness first with pointless political brinksmanship.

[Post edited by hoolstoptheheels at 02/05/2024 09:48AM]