America faces a ‘debt crisis’ a lot like the 1980s when a ‘private pact’ brokered by Ronald Reagan did the trick

The U.S. is perched on a treacherous fiscal ledge. The national debt held by the public has surged past $38 trillion, around 101% of GDP, and is expected to balloon to 120% a decade from now. The country has successfully side-stepped fiscal meltdowns before, but whether the current generation of leaders has the political will to dig itself out of its fiscal hole is up for debate.

While national debt was once made out to be a long-term issue, not necessarily as urgent as maintaining certain types of spending...