That would be my take under different circumstances as well, but there are two key differences in this situation:
1. The debt bomb. Not dealing with this could cause a great depression by itself. Having it go off at the same time as we're underwater on bad capex with a misaligned economy could produce something the likes of which we've never seen.
2. We have an authoritarian president that has effectively captured the entire government, and the window to prevent consolidation of power is closing rapidly. Worse, he's an ego driven, reckless, ham-fisted decision maker with a cabinet of spineless yes men.
Are you sure the debt bomb is a bomb? Private debt can be a major concern, but government debt may not work the way you think it does. In fact, the great depression was preceded (and possibly in some ways triggered) by a significant paying down of public debt, counterbalanced by an increase in private debt that kept the money supply growing through the roaring 20s.
I understand the Keynesian dynamics of maintaining money velocity through government spending, but it's a balancing act, and I'm pretty sure we're way off balance now.
1. The debt bomb. Not dealing with this could cause a great depression by itself. Having it go off at the same time as we're underwater on bad capex with a misaligned economy could produce something the likes of which we've never seen.
2. We have an authoritarian president that has effectively captured the entire government, and the window to prevent consolidation of power is closing rapidly. Worse, he's an ego driven, reckless, ham-fisted decision maker with a cabinet of spineless yes men.