From a reader of my blog:
Deficit hawks need to make the national debt seem like something scary that will personally affect people. As of now, most Americans find it boring and unrelatable because they don’t perceptibly feel its effects in their daily lives. How does it affect the John Q. Public GOP voter who is not so keen on immigrants, has a mortgage, loves the military, and despises abortion until his daughter gets knocked up in her mid-teens? John Q. Public doesn’t fully grasp that an out of control debt will cause the market to raise interest rates unilaterally leading to serious inflation in USD terms.
This will clearly dislodge the USD as the world’s reserve currency, opening the door for either the Chinese Yuan or Bitcoin to become the world’s new reserve currency. So, when the US debt bubble bursts, John Q. Public will basically be working in a factory for the equivalent of 6000 current USD per year, and I don’t think John Q. Public grasps this reality. Maybe John will croak before this comes to pass, but John Q. Public II will pay the price toiling away here in the heartland to make iGadgets for the Chinese middle class.
I am a candidate in the May 15 Nebraska Republican Primary for U.S. Senate because the incumbent, Deb Fischer, is doing nothing to reduce our enormous and out-of-control national debt. In fact she is consistently voting to make it worse! My challenge is to convince enough voters that our debt really is an extremely serious problem.
Conclusion. Eventually our huge and rapidly growing debt will catch up with us and we will have a fiscal crisis much worse than the Financial Crisis of 2008. We don’t know when this will happen but the longer we ignore the problem, the more inevitable it becomes that it will end up very painfully.