I never understand anything about money until I translate it meaningfully into time terms. Like 2T in deficits... how many future years have we mortgaged away, and to what extent? How do we measure that? How many more hours will you have to work for comparable standard of living?
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Collectivized societal debt merely imposes a structure in such calculations. Tech predictably alters leverage (ratio of retirees to workers has increased 4x but total factor productivity has kept pace), But sudden increase in load means tech productivity falls behind for a while.
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In fact debt is best understood as checks written against future tech productivity increases — ie innovation returns on economic activity. Which may not happen, or happen much more slowly, in proportion to the burdens.
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