Japan has run an annual deficit of 7-10% for decades, making it the most indebted country in modern history. The U.S. and Europe are on a similar trajectory, though. The U.S. has interest payments that rival defense spending, thanks to the demographic situation. Europe has the same people problem, a weaker tax base, and has to ramp up defense spending to deal with Russia.

While Japan might be first through the gate, this is a global issue. Budget cutting alone isn’t going to solve any problems, but existing economic models simply can’t square this circle.

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