The European livestyle isn't god given and has to be paid for. It's a luxury and I'm still puzzled that people don't get that we can't afford it without an economy.
Europe runs 3% deficits and gets universal healthcare, tuition free universities, 25+ days paid vacation, working trains, and no GoFundMe for surgeries.
The U.S. runs 6–8% deficits and gets vibes, weapons, and insulin at $300 a vial.
Who's on the unsustainable path and really overspending?
If the average interest rate on U.S. government debt rises to 14%, then 100% of all federal tax revenue (around $4.8 trillion/year) will be consumed just to pay interest on the $34 trillion national debt. As soon as the current Fed Chairman gets fired, practically a certainty by now, nobody will buy US bonds for less than 10 to 15% interest.
We'll only be able to afford our lifestyles by letting OpenAI's bots make spreadsheets that aren't accurate or useful outside of tricking people into thinking you did your job?
If predictions of AI optimists come true, it's going to be an economic nuclear bomb. If not, economic effects of AI will not necessarily be that important
