If we run deficits now, it means cuts in the future

If you don't have money, just carry a ton of personal debt. If the dollar inflates so that what normally costs $1 now costs a $1000, your debt of 100,000 would be like a debt of $100.

If you have a ton of money, carry a ton of assets that keep their worth. Real-estate, some in gold, extra parts and equipment for your business or industry, keep positive credits in your utilities accounts, and reusable power like solar panels.

Everyone should also keep a ton of long term food for the period of transition as we move to a global currency like crypto.

If you don't have money or credit.... Sorry

 

I know you're probably being sarcastic, but I'll just point out that inflation could trigger a higher interest rate / inflation feedback cycle (where lenders begin to demand higher interest rates to sustain the debt, because they expect inflation) which could then trigger a rapid spiral leading to debt default or very high levels of inflation, ruining the country's credit rating anyway.
We have discussed this topic in other threads. Using inflation is NOT a viable way to get out of debt.

 

Yes, it sounds more like those in the Greek government were intentionally trying to fudge the numbers so that the EU wouldn't kick them out, or subject them to more stringent budget demands.

In other words, the problem already existed, and their excessive debt was the cause of these wrongful numbers, rather than the other way around.

 

Sort of and Yes, but most house mortgages are fixed rates. Housing mortgages are an important part of any investment portfolio and an important part for retirement. They are a good hedge against inflation. Unfortunately so much debt is dumb debt, like things that don't hold their value and things like education. Education debt is the greatest swindle of ages. Get the internet instead.

 

Ok, let's go with that. I guess I heard wrong.

 

Not totally correct...there is another option of increasing revenue through a healthy and growing economy, while in parallel freezing taxes and spending. Spending cuts are not mandatory to pay down debt. Depending on who holds the debt, some of the debt can be renegotiated with lower payments and/or extended payment times. If the nation cannot grow the economy, or renegotiate the debt terms, if debt remains a priority to fix, then spending cuts will be necessary...