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This week the US debt clock turned over and reached a new record: $13 trillion. That's too high – and one reason it's too high is that another clock is ticking.
America is getting older.
Cutting debt is hard enough. Cutting it when the demographic clock is running against you is much, much harder. That's the conclusion of a sobering March report from the Bank for International Settlements (BIS).
"Drastic measures are necessary to check the rapid growth of current and future liabilities
That is so depressing. How the hell are we supposed to get out of this?
Cutting debt is hard enough. Cutting it when the demographic clock is running against you is much, much harder.