If a business has $27,000 in income per year, but spends $37,000,
and the business taps out a $170,000 credit line already owed,
and the business wants to borrow more to keep spending more than income,
would you lend more money, knowing that income will very most likely not ever rise above spending?
This is the current situation with our government, except with fewer 0s.
We have borrowed more than can be repaid.
Our central bank is financing about half the deficit ($27,000 income - $37,000 spending = $10,000/2 = $5,000) with pretend money.
Global economic growth is slowing.
By printing/emailing/QE/debasing the US dollar while serving as the world's reserve currency, we have exported economic pain via inflation to other countries, forcing other central banks to print even faster to keep up with the Fed.
By borrowing to pay for current benefits, we have placed an unaffordable burden onto our children.
By spending trust fund monies, we have stolen from our children.
At what point can we collectively admit to ourselves that the current path is unsustainable?
If we stop artificially supporting the economy, economic growth will contract.
I believe we need to take the hit, sooner than later.
The longer the can is kicked, the worse it will be, and we've been can kicking for a couple of decades.
Both political parties are responsible.
Anyone who voted for anyone who allowed this to happen are responsible.
The sooner we can come to grips with what we've done, the sooner our kids will have a chance at a better future.