Debt is a drug and the USA has long been addicted. The real issue comes when the cost of servicing our massive debt becomes undoable. Then things get ugly.
But politicians love to spend debt money. In the short term is feels good and makes constituents (and crony sponsors) happy. Long term, well, let’s cross that fallen tree when we come to it.
Without making any changes to current policy—in other words, even without the glut of new entitlement spending proposed by some of Bernie Sanders’ acolytes—that’s the trajectory for the national debt over the rest of the 21st century, according to the Congressional Budget Office (CBO). It’s an outlook that the Committee for a Responsible Federal Budget (CRFB), in an analysis released this week, calls “frightening and almost certainly unsustainable.”
Exactly. “Unsustainable” is the right word. Our current economic system, driven by debt, is UNSUSTAINABLE. It’s unwise and wasteful. But it will likely continue on until it can’t.