The actual future is going to look different than the future we thought we were going to have. That’s true if only because we’re notoriously bad at predicting the future – We’re all still waiting on our flying cars, right? I don’t think it’s going to be radically different to the point that Canada starts being cool or Hollywood starts making good movies (that would be some kind bizzaro universe). I actually have a sneaking suspicion that the future is going to be painful. Painful in that we’ve spent the last 30 years binging on cheep booze and grease ball cheeseburgers and now we’re about to wake up with a national hangover the likes of which none of us has ever seen. The fight to raise the debt ceiling ain’t nothing compared to the battle that will be joined when we realize we’ve got to actually start paying down the debt itself.
The future is going to seem painful because there’s every possibility that we’re about to experience a world where Superpower America isn’t. Those of us who grew up beyond the shadow of the cold war are going to have the hardest time adjusting because we’ve never had to moderate our expectations about anything really. You guys know I’m not exactly an alarmist, but my read of the situation is that bottom line: Superpower America is too expensive. How we go about fixing that with the least pain possible (the no pain option is well off the table), remains to be seen. So too does whether we have the national will to collectively make hard decisions about what is in the long term national interest and what isn’t; what we can pay for and what we can’t. These decisions matter. Economic realities matters.
Don’t believe me? Ask Superpower USSR how it works out when you pretend economics is an imaginary science. Spending ourselves into oblivion isn’t an option, but I wonder who’s going to be the first to offer up their sacred cows so we can try to avoid slaughtering the whole herd.