Crafting a budget strategy that meets the nation's longer-run needs will become ever more difficult the more we delay. The one certainty is that the resolution of the nation's unprecedented demographic challenge will require hard choices and that the future performance of the economy will depend on those choices. No changes will be easy.
For example, one prominent channel for the role of money in this class of models is a real-balance effect – something that is empirically difficult to verify and arguably too simplistic in the present-day world of financial markets.