Yes, we are past the point of no return.

When debt service payments squeeze out spending, it is like plaque in the circulatory system squeezing out the flow of blood. It is the same kind of thing, and it can be measured. We are seeing that happen right now.

There is also a supply and demand issue. A budget deficit means that debt has to be sold. We can see this happening in the bond market—bonds have been a bad investment, and there is pressure on interest rates and borrowing.

This dynamic is happening, but people are treating it like it hasn't happened before. They don't understand that, just like plaque in the arteries, the debt builds up and they have that exposure.