“metrics like debt to GDP indicate they're currently fighting a bigger war than WWII,”
Meaning that the GDP trends as if we’re in a WW3 situation and loosing, not that we are. I.E the GDP/debt metric appears to be as bad as if we were loosing a war when in fact we’re not even fighting one.
Ironically I disagree with both points. Yes the economy is bad, yes it will get worse but:
- I don't think the economy is as bad as losing a world war; the US has too many fundamentals in her favor (namely resources and a strong Navy to prevent outside threats).
- Ironically enough we are in fact loosing a low intensity world war, mostly fought in diplomatic relations with third world countries. Just like the first Cold War, but with weaker fundamentals on our side.