The Election Year, Debt, and the Budget-Deficit
Every year, Americans demand more government services than they pay for. Thus we have chronic budget deficits at every level of government. As a society, we are addicted to government services that we do not pay for. To cover these deficits, the Federal government has borrowed trillions of dollars. This process is no longer sustainable.
Politicians have avoided solving this problem because it has not been possible to make the decisions that are required and then get elected or re-elected. The aggregate demand for services purchased with credit and then paid for by somebody else at some future date is out of control. This will be one of the central themes of the election year, but it will likely be overshadowed by the promise from both parties to create jobs.