My Comment: I think it is delusional to expect we have another 10 years before the national deficits become unsustainable. The national debt is increasing at a rate of $1 Trillion every 100 days (
national debt rising 1 trillion every 100 days - Google Search). And the idea that taxes could be raised in a recession is ludicrous. We are approaching a major recession and expenditures always increase in a recession. Raising taxes in a recession only makes the recession worse. And all of that household debt will be a real burden in a recession.
So, spend like there's no tomorrow and there surely will be no tomorrow.
Excerpts:
“We need to do something about our national debt or the dollar will be worth nothing,” Mr. Musk said in a post on X.
The billionaire tech mogul was reacting to a post about Gen. H.R. McMaster’s warning that the world is on the cusp of World War III while calling for a doubling in defense spending to prepare for potential threats.
Mr. Musk has repeatedly advocated for a negotiated end to the conflict in Ukraine to put a halt to the loss of life.
Like Mr. Musk, billionaire investor Warren Buffett has also warned about the “important” consequences of deficit spending. However, the Berkshire Hathaway founder predicted that, when push comes to shove, the government would opt to raise taxes rather than reduce spending.
JPMorgan CEO Jamie Dimon has predicted that America’s debt-to-GDP ratio would “hockey stick” upward at some point, meaning rise sharply and become unsustainable after a period of relatively gradual increase.
“It is a cliff. We see the cliff. It’s about 10 years out. We’re going 60 miles an hour,” Mr. Dimon said, speaking on a panel at the Bipartisan Policy Center in Washington at the end of January 2024.