There’s no political will to reduce spending. We’ll have to inflate our currency. For the average American customer, that means we could see up to 20% inflation. Maybe that will force the American voter to punish the Democrats in the next election. We did that when Jimmy Carter was President.
Before folks leap to their keyboard to shout out their personal fiscal or economic philosophy, be aware that this very big number for this moment in time was not a Congressional spend.
It was the court ruling that disallowed a huge student loan erasure. The accounting is convoluted but it reduced the FY23 deficit and bumped the debt. I was quite surprised it was not held over for FY24, and the election.
As for everything else, there is no escaping the GDP equation that has government spending as G.
Capitalism has failed. This was clear in 2009 when only QE could keep the wheels turning. And since. All that stock market gain? The Fed printed trillions and handed it to companies. How could it not go up?
It was a very different country when Carter was prez. We still had reasonably fair elections. The population was far more homogeneous and generally patriotic. The media was generally more balanced, and so on. Dems are not going to be punished for anything these days.