On the future

Tyler Cowen provides a rather depressing picture of the future – at least for me. Some are simple policy changes (or lack of changes), but the biggest overall problem is that the status quo is locked in (e.g., entitlements and tax and spending trajectories) so that he predicts a sovereign debt crisis in the US within 20 years. I hope not, but there is good reason to be pessimistic given our political culture. On the other hand, predictions are merely that. His discussion is triggered by Matthew Yglesias’s contention that the expansion of the welfare state is largely over for the foreseeable future. Both posts raise interesting questions about the direction of future political discussions.

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