“Once you get federal spending at 25% of GDP and debt at 120% of GDP and deficits at 7% of GDP (…) by the way – at all-time record tax receipts inflated by an everything bubble that’s now deflated (…) Okay, we need to cut spending (…) Okay how much should we cut spending? Well, historically we’ve gone into recessions with 2% of GDP … debt to deficits of GDP (sic), but we’re at 7 so let’s cut, you know, and actually we’re probably closer to 9 now, but let’s just use 7, we’ll cut 5 points of GDP out (…) At the great financial crisis GDP fell 5%  (…) It’s really a question of how you wanna light the fuse.” Luke Gromen: Ballooning Deficit Caused By Higher US Debt Costs Likely To Force The Fed To Pivot, Wealthion, 15.12.2022 (via YT)