This year, the US will run a deficit of about 7.5% of GDP. If we don’t cut that to 3% of GDP, we’re likely to face a significant debt crisis in the next few years. This is not an issue that can wait. We need to do these cutbacks and adjustments while things are relatively good, otherwise the debt will continue to accumulate and the problem will get worse. Policymakers and politicians must work together to recognize the reality we face and take steps to address it, and soon. I lay out the framework and calculations underlying my thinking in my new book, How Countries Go Broke. I look forward to stress testing my perspective with all of you so together we can identify the best path forward. #principles #howcountriesgobroke #economics #Geopolitics