[murgindrag]

There are two theories:

- We're borrowing money, and we'll need to pay it back. That's scary.

- Money is bits in a computer, and from the perspective of the US government, it's like video game currency. Debts and deficits are fiscal instruments.

Which of these is correct, or something else, is TBD. I think a big part of the question is who holds the debt. I'm a lot more worried about foreign debt, and I'm a lot less worried about debt as a financial instrument to pay interest on de facto savings accounts.

[barbacoa]

The 3rd option is that government is forced to keep interest rates near 0 forever, coupled with high inflation to keep debt levels in check. Onslaught of increasing wealth inequality continues into the future as the country declines into a Japan style economy of stagnation.