Herbert Stein, a wise economist, once said, “If something cannot go on forever, it will stop.” 9 One way or the other, fiscal adjustments sufficient to stabilize the federal budget will certainly occur at some point.
The only real question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people plenty of time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will be a rapid and painful response to a looming or actual fiscal crisis.