That attitude sounds like a college grad with a fresh credit card they keep spending on.
Their parents warn them that if they keep spending on it there will be major issues. But hey, they still have like $10k of credit and they can get another card! They’re just old and predicting catastrophe all the time.
Until one day they they have no more credit left and all their income goes to paying credit card interest not even paying off the debt.
In the 70s the debt was negligible. Now the debt is nearing 100% of the US GDP [1]. Historically once countries reach 120% hyperinflation occurs. The dollar being the global reserve currency buffers it a bit but not indefinitely.
50 years is not "a fresh credit card". If someone predicts something and 50 years later it hasn't happened, I think it's time to re-examine their assumptions
And what were they predicting? Most reasonable predictions were that once the GDP to debt ratio reaches a certain point that’s when issues arise. It’s just now nearing that 100% of GDP mark. Obviously predictions on a national scale can take decades. The “fresh credit card” was handed out in the 70’s.
Just because climate change hasn’t ended the world yet in 50 years doesn’t mean it’s not a serious threat.
That attitude sounds like a college grad with a fresh credit card they keep spending on.
Their parents warn them that if they keep spending on it there will be major issues. But hey, they still have like $10k of credit and they can get another card! They’re just old and predicting catastrophe all the time.
Until one day they they have no more credit left and all their income goes to paying credit card interest not even paying off the debt.
In the 70s the debt was negligible. Now the debt is nearing 100% of the US GDP [1]. Historically once countries reach 120% hyperinflation occurs. The dollar being the global reserve currency buffers it a bit but not indefinitely.
1: https://econofact.org/why-is-the-u-s-debt-expected-to-keep-g...
50 years is not "a fresh credit card". If someone predicts something and 50 years later it hasn't happened, I think it's time to re-examine their assumptions
And what were they predicting? Most reasonable predictions were that once the GDP to debt ratio reaches a certain point that’s when issues arise. It’s just now nearing that 100% of GDP mark. Obviously predictions on a national scale can take decades. The “fresh credit card” was handed out in the 70’s.
Just because climate change hasn’t ended the world yet in 50 years doesn’t mean it’s not a serious threat.