Former Vice President Dick Cheney famously said "Reagan proved that deficits don't matter"
True or not, running greater and greater federal budget deficits has become standard operating procedure for Washington DC.
When Cheney uttered those words, the annual deficit was in the low hundreds of billions. It's projected to be $2 trillion this year.
At that scale, today's guest expert would argue that deficits are indeed starting to matter, because the US is now increasingly challenged to service the debts and other associated liabilities that have accreted from all the years of rising deficit spending.
In fact, he concludes we're on a collision course for a sovereign debt crisis, one that will take the purchasing power of the US dollar down with it.
To find out why, and what can be done about it, we're fortunate to welcome Luke Gromen, founder of macro research firm FFTT, LLC, back to the program.
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