Now they see the issue

Use of the time period “unprecedented” is turning into disturbingly frequent. Let’s evaluation the previous 5 years:

Unprecedented scenario #1: In 2018 and 2019, I warned that the doubling of the finances deficit over 4 years was unprecedented (and reckless), for a interval of peace and prosperity. A number of pundits ignored these warnings, pointing to low rates of interest.

Unprecedented scenario #2: In 2020 and 2021, I warned that the large measurement of the finances deficit was unprecedented (and reckless) for a interval after we weren’t at conflict. Pundits pointed to the low rates of interest and mainly stated, “don’t fear”. (Some spending was justified by Covid, however a lot of it was not.)

Unprecedented scenario #3: And now we now have one other unprecedented scenario, the deficit doubling in only one yr (to a really excessive degree) throughout a interval of peace and prosperity.

However this time I’m seeing a flurry of article within the mainstream press, involved that our debt scenario is unsustainable. They’re appropriate, however the place had been they in 2019?

PS. I think our candidates will ignore the finances deficit within the upcoming presidential marketing campaign. However (with apologies to Leon Trotsky), politicians is probably not all in favour of finances deficits, however finances deficits are all in favour of politicians.