Disagree. We were in a similar debt mess after WW 2, but had an unprecedented industrial juggernaunt economy and society that allowed us to roar back. Our biggest product now is bureacracy. We make nothing here now, and don't have the ability to pay down the debt. In fact, we are not too far from having the debt encroach into standard government services.
That is when the socialist dominos start falling after things like:
(1) Taxing unrealized capital gains
(2) Government confiscation of IRA's and 401K's to build a national Retirement Annuity system to replace Social Security.
(3) GND accelerates demise.
I hate to sound so pessimistic, but each of us needs to at least look at that debt curve weekly to keep the whole thing in perspective and focus. It boils down to this.... As the world's chosen government that controls the reference currency. The entity of the United States government singularly opeates in the world with a blank check and unlimited credit card. Every citizen and every other country is required to operate within a budget and fiscal constraints.
We might take the world down with us, but the 95% of the rest of the world is not going to be kind as this thiing is rebuilt from scratch.
Oh I agree with every word of that.
Turn around would mean slashing government and regulation, destroying unions, a return to notes rather than fiat money, and a messy, messy resurgence of industry... Heavy industry. It would look awful, and spawn robber barons... But if we fire up this country's economic engine, drop the cost of success, allowing innovation like we used to... And if we can somehow hold to the old ways and morality...
It would be threading the needle to be sure, and terribly painful... Which is why it won't be the way chosen by the elite...
And why the populists will bar any meaningful counteraction.
And the band will be playing 'Take me out to the ballgame' as the country burns.
It is why I speak doom like a prophet. It is so very dire. And the way forward is dim, along a narrow rocky ledge - not the broad, well lit highway the Republicans have chosen.... we all know where that road goes.