zlacker

America Inc, which dated, by I believe Mary Meeker has one view showing USA on a "GAAP" basis. It's not pretty. Leverage is too high. Profit margins are negative. "growth" (in this case government receipts) underperforms entitlement spend. Interest is some non-material portion of revenue such as 15% to 20% (caveat, even the most highly leveraged private equity bought companies don't spend more than 25% of revenue of amortization and interest, generally speaking).

A better but harder resource is I believe by Piketty (the inequality guy): from balance sheet recessions there's usually only a few ways out. He and his co-authors go through every single knkwn recession in every single country (obviously biased towards recent and Western). What I took away from it is that without population growth the US needs hyperinflation, to default on its debt, or to increase tax revenue's sharply and/or decrease entitlements sharpy. It's up to you to guess which one of those three is most likely.

But the budgetary situation is not tenable.