Reply to Do you think taxes will increase to pay for the nation's debt?

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Reply to "Do you think taxes will increase to pay for the nation's debt?"

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[quote=Anonymous][quote=Anonymous]The national debt is around $38 trillion and increasing at a rate faster than GDP growth. Servicing the interest on the debt is already the single biggest item in the federal budget. Obviously, none of this is sustainable. And there will likely be a major financial crisis as Trump isolates the US and the rest of the world drops the US dollar as a reserve currency.

The American political system is obviously very broken. Both parties have been captured by the billionaire class. Inflation will be the primary means used to deal with the debt. This means very high interest rates in the years ahead. Taxes will be raised, but mostly on what remains of the MC and UMC. Fees for everything are also going to skyrocket.

The super-wealthy - the 0.001 percent - won't be touched until there is a proper revolution. In the meantime, they will float like vultures over the American economy and pick up assets for pennies on the dollar. The model is Russia in the 90s - an oligarchy that rules and feasts while the rest of the country collapses and sees living standards plummet.[/quote]

+1. Finally someone sees it. Unfortunately it’s too late as the oligarchy already took over. [/quote]

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