by Greg Krehbiel on 17 October 2013
This is an interesting article.
The basic point of the article is that we have become used to (or perhaps addicted to) an expectation of economic growth that simply isn’t going to work any more. The factors that drove that growth are gone and aren’t coming back.
We can’t just gently restrain the growth of a few programs and wait for rising GDP to bail us out. Many of the factors that are making us grow more slowly, like an aging population, are making government outlays grow more quickly than usual. Someone is going to have to pay — or lose what they’ve been counting on getting.
-- 2013-10-17 » Greg Krehbiel