The Importance of Debt to GDP

I think the bigger concern is productive capacity, whether or not we have the ability to provide the necessary goods and services that are entitlements sort of imply are necessary. I think at the end of the day, it's the real resources that matter, not the entries on the Fed's balance sheet. Yeah, forces things towards payments rather than investment. Exactly. We do that in so many different places, right? Like, if you see your children as an expense, then you, instead of an investment, will want to minimize costs. You get two very different outcomes depending on just that simple framing.