A debt crisis is on the horizon – The Washington Post

KW: The one good thing to hold onto in all this global uncertainty and conflict is that the U.S. is heading for and economic crisis and this may stop them going to war all around the world.  A possibility but by no means a certainty. This article is wrtten by an elite group of economists and their opinion desreves taking note of. This article is an op-ed published in the Washington Post and written by Michael Boskin, John Cochrane, John Cogan, George Schultz and John Taylor. Schultz was Treasury Secretary for President Nixon. Boskin was Chairman of the Council of Economic Advisors for President Bush.  John Taylor was on the short list to be Chairman of the Fed before President Trump settled on Jay Powell. Cochrane and Cogan have highly distinguished academic careers as do the others. In short, this is an “A-List” of top-tier economists. What they agree on is that the U.S. is heading quickly toward $1 trillion annual deficits, probably by next year, and that these deficits will continue at that level as far as the eye can see. They also warn that government debt will increase by $5 trillion in the next few years on top of the $20 trillion already outstanding. Higher interest on the debt will just add to the burden. These are not the warnings of a fringe doomsday blogger, but of the establishment itself.

If lawmakers don’t act now when the nation is prospering, when will they?

Source: A debt crisis is on the horizon – The Washington Post