America’s firms are much, much more leveraged and indebted than government. Better if we were not forced to rescue decades of folly, government deficits equal non-government surpluses.
With regard to the future, the choices we make determine the paths we will take. As I have been writing for a long time, we have made a series of bad choices, often the easy choices, all over the developed world. We are now entering an era in which our choices are being limited by the nature of the markets.