Assuming that America eventually defeats COVID-19 and does not devolve into a Terminator-like dystopia, how will it avoid the approaching fiscal cliff and national bankruptcy? To answer such questions, we should reflect on the lessons of WWII, which did not bankrupt the US, even though debt soared to 119% of GDP. By the time of the Vietnam War in the 1960s, that ratio had fallen to just above 40%.
PS author tries to pull a fast one.
We defaulted exactly 40 years after Roosevelt defaulted and we will default again about 50 years after that, somewhere in the next couple of years. There is no escape.
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