A non-issue in the campaign, but a sleeping elephant in the room, is the unsustainability of the Federal Debt.

Interest rates can’t stay near zero forever. Eventually, the bond market demands higher returns, but no one knows exactly how this gets unwound.

The labor participation rate shows how uneven the recovery has been, and the Federal Reserve has no exit plan. The pace of technology disruption is accelerating, and traditional power centers are pushing back demanding protection.

It’s not only the United States that has a problem, but the European and Japanese debt problems have to play themselves out as well. Plus China has built massively ahead of need, which is there own form of fiscal imprudence.

This is before the aging demographics puts a massive strain on Social Security and Medicare.