In recent years there have been times when the economy has been growing and there have been times when the economy has been shrinking, but all of those short-term fluctuations have happened in the context of a long-term trend of debt-fueled "growth". We have been relentlessly stealing from the future in order to make the present more pleasant, and most of us pretend that the piper will never have to be paid. But of course the truth is that a day of reckoning is fast approaching, and that day of reckoning is going to be immensely painful.
Earlier today, I came across a tweet by End Wokeness that really does a great job of pointing out the harsh reality of what we are facing…
US national debt, 1960: $286 billion
US national debt, 2023: $31.4 trillion