霍华德·马克斯：信心的作用·第14则

When an economist tells them that growing the nation’s debt over the past 12 years from $6 trillion to $16 trillion is not a problem, and that doubling it again will still not be a problem, this simply does not compute. They know the trajectory we are on, and that the most successful country in the history of the world can go into decline if it becomes arrogant or complacent. When politicians claim that this tax increase or that spending cut will generate trillions over the next decade, they are properly skeptical over whether anyone can truly know what will happen next year, let alone a decade or more from now. They are wary of grand bargains that kick in years down the road, knowing that the failure to make hard decisions is how we got into today’s mess. . . .

出处： https://www.oaktreecapital.com/docs/default-source/memos/2013-08-05-the-role-of-confidence.pdf
定位：Memo, excerpt 14 · 核对日期：2026-10-19 · 核验：短摘录

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