America’s budget on the precipice of catastrophe
The budget of the federal government is the largest of any organization in human history. It’s larger than the entire economy of every foreign country except China. And it mostly grows automatically, without regular input from elected officials. In the past, huge surges in the national debt were largely caused by wars or recessions. They were temporary. When the war concluded or economic growth resumed, debt as a share of the economy would fall. That’s not how it works anymore. The debt increases due to demographic trends as the bulk of spending goes to programs that serve an aging ...
