That change in our political environment - accompanied by the faster pace of technology-driven growth - has resulted in a sharp reduction in the unified budget deficit and, more recently, the emergence of a significant surplus. This, in turn, has helped fill the pool of saving that has fed productivity-enhancing and cost-reducing capital formation.
It’s a problem for the users of the system as well. Innovation in the “cooperative space” – where no single entity has control – is critical because it is this space that determines the limits on the services that the rest of the payments system can provide.