That's the title of a major essay by Samuelson in The Wilson Quarterly. One quote:
Even assuming a full recovery from the Great Recession—possible, though not certain—the resulting prosperity will be qualified by greater competition for scarce economic resources. Massive federal budget deficits are only the most conspicuous sign of a society that has promised itself more than it can afford. To resurrect a familiar metaphor: A more slowly growing economic pie will face more claimants for slices. Some will receive bigger slices, others smaller.
Another:
The premise of the post–World War II affluent society, that we were or would soon become so rich that we could afford almost anything, was never true, but we often acted as if it were. We avoided unpleasant choices, especially in government, accepting routine federal budget deficits (46 out of 51 years since 1961). Now, limits are painfully evident. There are more promises than can be fulfilled. Meeting all of government’s spending commitments would require higher, broad-based taxes, which both liberals and conservatives reject, or perpetually large deficits, which both parties consider unsustainable and undesirable.
What looms is a future of more distributional struggles between young and old, rich and poor, different regions, and many interest groups. Each will defend subsidies, work to avoid tax increases, and maneuver for regulatory advantage.
The entire piece is worth studying. There are lots of people out there, young and older, who could be doing much more right now were it not for the Administration's horribly misguided responses to the recession.
For our friend's personal take on it, The Gas Tank Of Damocles
