"We can meet the obligations of Social security and Medicare. If we stay on the path that your party has us on, we'll be in a mountain range of debt and we're gonna face hard choices."

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We're in a chronic debt-deflation. There's no way we can recover unless you write down the debts. And that's what the IMF basically is implying (and it was explicit regarding Greece), but its not spelling it out, because that's not what can be said in polite company.

— Michael Hudson