Paul Krugman: This Can’t Go On
When they do, he predicts “higher import costs, a cutback in spending on cheap foreign goods, rising inflation, perhaps chaotic financial markets, a lower standard of living.” Something to look forward to….
Just as the federal government is in no immediate danger of running out of money, our forces in Iraq are in no danger of outright defeat. But in both cases, current policies appear to be unsustainable: we can’t go on like this indefinitely.