The US will be 20 trillion in debt before any meaningful reform and only then IF a conservative R gets elected.
No President or Fed Chairman would want an extended, deep recession during their watch. All of them want to leave a "legacy" of decent growth during their tenure.
That's why the conservative R "Dubya" Bush (2 terms) didn't push for any fiscal reform after the dot-com implosion. Instead, rates were held down to near-zero first under Greenspan and later under Bernanke. And it was Dubya who appointed "Helicopter Ben" Bernanke as Fed Chairman
All this talk of fiscal conservatism is well, just talk. Every politician who matters just wants to kick the can down the road. The only thing that will trigger limited change (hopefully) would be an extreme financial catastrophe. Unfortunately, all of us will get hurt when it happens.
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