I sense much of our trouble could be traced to “short-termism”. We seek instant gratification and postpone the costs. As consumers, as voters, as politicians–everyone wants benefits now and we have figured out new ways to put off the costs. This is the essence of credit cards, home equity extraction, Obamacare, CA fiscal decisions, government pension promises, etc.
Having done this for so long and in increasing amounts and with creative new tools, we now face certain mathematical inevitabilities that dim our future and that of our children.
We have done it to ourselves. I don’t see much awakening to this idea by the broader public whether consumer or voter. Piggs excepted, of course.
