This author just finished reading an article by Michael Mandel justifying the increasing Debt load of both the Government and Consumers. It left me rather dissatisfied with the discussion, though I am quite sure his numbers are relatively accurate. I asked myself why it left me feeling like I was eating dirt.
The Answer came easily: The Article assumed the best of everything! It assumed that the value of the Dollar would stay fixed with other Currencies, no matter what events occured. It assumed that the Aging American population would not bring escalating Costs into the matrix. It assumed the World would continue to absorb American debt. It assumed Imports would not increase in Price, as the World contended with their own rising Living Costs with appended increasing Labor Costs. The Article did not mention any of these elements, but the assumptions were still implicit.
This author is getting just like the Democrats, thinking there should be a law for everything; but, there should be a law stating every Economist should be compelled to provide a Three-Case Scenario: Absolute Worst Case, a Moderate Likely Case, and a If Wishes were Horses Case. This means what would happend if everything went wrong, what is probably going to happen knowing how volitile human endeavor can flux, and what would happen if We were in heaven. The law is highly improbable, but could be a great aid in determination of policy. lgl