Biography

Patrick Doherty is deputy director of the National Security Studies Program and director of the Smart Strategy Initiative at New America Foundation. The Smart Strategy Initiative seeks to provoke a new discourse on the central challenge facing the United States: the nature of the American grand strategy and the contours of a new grand strategy capable of forging a prosperous, secure, and sustainable future. His writing has been published in The New York Times, the Washington Post, CNN.com, ForeignPolicy.com, Washington Monthly, and the Chicago Tribune.

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The modern economy experiences two types of cyclical debt cycles: the short-term business cycle that produces the familiar oscillation between expansion and recession, bull and bear; and the long-term debt cycle that we are experiencing now. During the 75-year period of these cycles, the debt-to-income profile of the entire economy gradually …

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