Social Security

Warning about deficits is something that you have to do, if you care about delivering retirement benefits:

Excess government borrowing today swells our deficits tomorrow which will make our future credit more expensive. If our future credit is more expensive, then it will be MORE difficult for the government to borrow enough to cover the gap between what future wage earners are able to transfer to future retirees and what future retirees need..

Because of demographic and economic trends, we are going to reach a point very soon where a much larger portion of what gets paid out in benefits will have to be covered by new government borrowing, because the scales are tipping towards a bigger and bigger surplus of eligible retirees. Running massive deficits into the future is very stupid, because the yield demanded by our creditors is going to rise. If the government tries to monetize its own debt to supplement the social security deficits, the dollar will be demolished and people will be getting benefit checks that can't keep pace with inflation.