A lot of other posters have touched on it.
Here is what it all boils down to: Western governments have borrowed against the future to fund themselves( e.g. the pension crisis in Illinois). They are now in a position where they NEED to have that endless and uninterrupted economic growth or they go literally bankrupt and, much like Venezuela, will be forced into a vicious cycle of austerity, followed by civil unrest, which destroys growth, and forces more austerity.....until the entire thing implodes into complete anarchy.
That paragraph significantly understates the reality. There is a non-trivial risk of a "mad max" event where society completely collapses and we return to barbarism like what happened in post-Roman Europe.
Hypothetical question: what do you think happens if the government goes so broke that the EBT cards turn off for a few days?
Here is what it all boils down to: Western governments have borrowed against the future to fund themselves( e.g. the pension crisis in Illinois). They are now in a position where they NEED to have that endless and uninterrupted economic growth or they go literally bankrupt and, much like Venezuela, will be forced into a vicious cycle of austerity, followed by civil unrest, which destroys growth, and forces more austerity.....until the entire thing implodes into complete anarchy.
That paragraph significantly understates the reality. There is a non-trivial risk of a "mad max" event where society completely collapses and we return to barbarism like what happened in post-Roman Europe.
Hypothetical question: what do you think happens if the government goes so broke that the EBT cards turn off for a few days?