The Night Of Fiscal Infamy

We have crossed the fiscal Rubicon, and not merely because Congress passed a $400 billion budget-buster in the wee hours of the morning rather than abide a government shutdown beyond sunrise.

And also not merely because the deficit is now locked in at $1.2 trillion or 6% of GDP during what would be the tail-end 10th year of the business expansion (FY 2019); or that it is on a path to doubling the national debt to $40 trillion during what will be the 2020s decade of demographic no return (i.e. 30 million more retirees on Social Security/Medicare).

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