The U.S. has never experienced an economic shock as indebted as we are today. Recessions and other economic shocks are inevitable. Although the timing and particulars of the next downturn or emergency are hard to anticipate, one can predict with certainty that another will occur eventually. In almost any case, the shock and response will worsen the nation’s already unsustainable fiscal situation. Unfortunately, the U.S. has far less capacity to address the next shock than it has previously. The national debt increased by a combined 65% of Gross Domestic Product (GDP) over the past two recessions and recoveries, with the federal government entering them with debt at 35% and 80% of GDP, respectively. […]