I was talking to Egg Farmer in Cokato the other day about the topics of the day: taxes, federal budgets, and egg prices. As a businessman Egg Farmer in Cokato had lots of insight into taxes, particularly how a lack of harmonization between federal and state taxes create different incentives (e.g., the feds allow a business to accelerate the depreciation of an asset--say new packing equipment--encouraging the business to purchase expensive items and then deduct the cost from it's taxes. Minnesota does not allow a business to do that).
Anyway, EFIC is much more pessimistic than me. I said that the USA will hit a significant budgetary crisis because of every rising deficits, while he says it will happen within in 10 years. Thus, a bet is born. For a six pack of beer we decided to bet on the timing of a significant budgetary crisis. The definition of the crisis will be a point of time in which the US Congress will need to balance the budget (for the fiscal year) because of significant financial pressures. If this crisis happens before Dec 31, 2019, Egg Farmer in Cokato wins. If after, Redhead in Rapid wins. The bet is a bit wooly, but we think we can agree when we see the crisis unfold before our eyes.