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--></style></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> John Clark <johnkclark@gmail.com> <br><br></span><o:p></o:p></p></div><div><div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'> </span></b><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span class=gmaildefault><i><span style='font-size:13.5pt;font-family:"Arial",sans-serif'>>> </span></i></span><i><span style='font-size:13.5pt;font-family:"Georgia",serif'>Tax cuts must be matched with federal spending cuts. </span></i><o:p></o:p></p></div></div></div></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…Why? It certainly wasn't necessary in the 1980s…<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>That’s where we disagree. It certainly was necessary in the 1980s and is necessary always. If we can get more government than we pay for, and that is sustainable, then we can get still more and pay less, until we get arbitrarily much government with no taxes.<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>But it isn’t sustainable, and we knew at the time there would be bad consequences, which we will see when the Social Security fund is exhausted in about 2033. Of course if Singularity Santa comes along and gives us unimaginable wealth, then everything will be OK. But if not, then not.<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>.<span class=gmaildefault> </span></span></b><o:p></o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span class=gmaildefault><i><span style='font-size:13.5pt;font-family:"Arial",sans-serif'>> </span></i></span><i><span style='font-size:13.5pt;font-family:"Georgia",serif'>The spending went crazy that decade. And every decade since then.</span></i><o:p></o:p></p></div></div></div></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…And yet the economic apocalypse <span class=gmaildefault>that</span> so many have been predicting for <span class=gmaildefault>many many </span>decades <span class=gmaildefault>has</span> yet to occur…<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>So they say. But if the Singularity doesn’t occur, then that apocalypse starts with the reversion of Social Security to pay as you go. That will be very unpleasant for pensioners dependent on that for their living.<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>>…<span class=gmaildefault>With the AI singularity fast approaching, worry about the national debt has never been more irrelevant. </span></span></b> <span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>John K Clark<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>I am thinking of expanding my nanotech insurance business. I sell insurance policies against nanotech: if nanotech comes along, I owe the policy holders a lot of money. Expanding into Singularity insurance, it is a great deal: the yearly premium is one miiilllllion dollars (cue Dr. Evil) but if the Singularity occurs and we suddenly have unimaginable wealth, I pay one hundred billlllllion dollars.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>John, Singularity Santa might occur. But it might not. I have a plausible alternative model for the future which does not involve a Singularity in the next decade. I will share that later today, but now I gotta scoot, for duty calls.<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'>spike<o:p></o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span class=gmaildefault><b><span style='font-size:13.5pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal> <o:p></o:p></p></div></div></div></div></body></html>