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That’s where I’d point to The Price of Tomorrow.
If productivity growth surprises to the upside, then consumer price inflation can be suppressed, but fiscal deficits likely continue and consolidate into higher prices of scarce assets (things less affected by productivity).
U.S. spending liabilities are partially priced in things hard to print. Medicare/Medicaid for example. If medical technology rapidly improves, then the scope of expected care tends to increase rather than the government spending less on existing care expectations.
The further we look out, the more the situation can be balanced, but for investable time horizons of 5-10 years, there are very narrow paths for which U.S. fiscal deficits would materially shrink.
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