The best way of describing the current economy is the analogy of a “kept woman”, a mistress of a spendthrift professional gambler.
Everything she has or does is only because he keeps giving her money, but only in the form of things or gifts.
She lives in an apartment only because once a month he pays her rent. She wears fashionable clothes that are now used so no longer command value. She gets room service or eats in restaurants, so has no food in her pantry.
And while the gambler used to have a lot of money, his debts to the casinos are allowed only because he keeps gambling and making the debts larger. He now owes several fortunes, and the only reason the casinos haven’t demanded payment is because carrying his debt still makes them look very profitable.
Even he now realizes his disastrous course, and wants to gamble less, but if he does, the casinos will call his debts and he will be ruined overnight.
And his “kept woman”, the US economy, will be penniless and out on the street.
Even he now realizes his disastrous course, and wants to gamble less, but if he does, the casinos will call his debts and he will be ruined overnight.