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Light Saberist's avatar

I really wish the Orszag piece (and Oren for that matter) would spell out *exactly* what the issues are with increasing national debt. The U.S. is able to issue its own currency, and so there is no risk of default, unless politicians stupidly decide to do so. I recognize there is inflation risk with deficit spending (which manifested in the wake of Trump and then Biden COVID stimulus). But inflation is back to 2-2.5% now.

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Jonathan K's avatar

On Orszag's first point, Protecting the reserve currency means not promoting crypto.

On his last, Addressing spending in the big categories (not performatively as with DOGE), and raising revenue to approach that spending (by funding the IRS, raising income taxes at the top, and not pretending tariffs will solve the shortfall), would be what he seriously means.

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