How the age of austerity will remake American politics.
Thomas B. Edsall
But that broad, unintentional compromise is no longer sustainable. We’re entering a period of austerity, far different from anything we’ve ever seen before. The predictions, especially the ones formulated by sober, nonpartisan analysts, are eye-popping. Earlier this year, a Congressional Budget Office report estimated that the debt as a percentage of GDP would approximately triple by 2035. Put another way, debt will come to exceed 185 percent of GDP. That’s far worse than Greece’s current perilous condition, a crisis that has been portrayed as the reductio ad absurdum of fiscal indiscipline.