Ha Ha. Senile old man is president with an incompetent public prosecutor in the wings to take over who knows absolutely nothing about any of issues that matter. Such as?
Common sense suggests that it is much easier to repay debt with interest in a growing economy than in a shrinking economy. Carmen Reinhart and Ken Rogoff unexpectedly ran across this phenomenon in their 2008 working paper, This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises. They reported (p. 15), “It is notable that the non-defaulters, by and large, are all hugely successful growth stories.” In other words, their analysis of 800 years of governmental debt showed that default was almost inevitable if a country stopped growing or started shrinking.
You can spend and spend but if those who produce are not getting payments large enough to cover their production costs, something will have to give. As discussed here at Instapundit:
Or as explained in one of the comments: “When you print a couple of trillion dollars, and call it a ‘stimulus package’, it doesn’t actually change the ability of the real economy to produce things.” Nor does it end there. Such as this: Trump EVISCERATES Biden’s Border Policy: ‘Turned National Triumph Into National Disaster.
“We proudly handed the Biden Administration the most secure border in history. All they had to do was keep this smooth-running system on autopilot. Instead, in the span of a just few weeks, the Biden Administration has turned a national triumph into a national disaster. They are in way over their heads and taking on water fast,” the former president declared.
Not to mention China
Or the Chinese Flu. Four years is a long time in politics. There may be a lot of ruin in a state, but Biden-Harris may actually be up to it.