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.

I think anyone with a net worth of more than $3 million should be paying higher taxes and/or an annual wealth tax. Why, because nobody NEEDS that much money to live, even in retirement. There are not enough billionaires, but plenty of upper middle class out there.

Anonymous wrote:

Anonymous wrote:100000% yes.

It will be subject to intense political debt, but we have no choice.

And I say this as a conservative. I honestly don't think the average American understand how much debt we have and that at some point it will have to be repaid.

It's going to be ugly because we are aging as a population and soon births will likely come to a halt.

Cutting promised entitlement such as social security and Medicare have proven to be impossible.

Why would that be the solution when billionaires can be taxed and wouldn't even notice it?

You just reinforced the point that cutting Medicare and social security will be impossible. You automatically pivoted to taxing the billionaires.

Anonymous wrote:

Anonymous wrote:I thought the people in the money forum would be more intelligent and not spew this political nonsense.

Is it nonsense only because you don’t know how to refute it? You should learn how to separate your opinions from facts, something that is taught in elementary school.

Its full of TDS. People with really short memories want to pretend our national debt wasn't a problem when the democrats ran the country.

Anonymous wrote:

Anonymous wrote:100000% yes.

It will be subject to intense political debt, but we have no choice.

And I say this as a conservative. I honestly don't think the average American understand how much debt we have and that at some point it will have to be repaid.

It's going to be ugly because we are aging as a population and soon births will likely come to a halt.

Cutting promised entitlement such as social security and Medicare have proven to be impossible.

Why would that be the solution when billionaires can be taxed and wouldn't even notice it?

You can tax all the billionaires 100% and it still would not fully cover the debt.

Anonymous wrote:100000% yes.

It will be subject to intense political debt, but we have no choice.

And I say this as a conservative. I honestly don't think the average American understand how much debt we have and that at some point it will have to be repaid.

It's going to be ugly because we are aging as a population and soon births will likely come to a halt.

Cutting promised entitlement such as social security and Medicare have proven to be impossible.

Why would that be the solution when billionaires can be taxed and wouldn't even notice it?

Anonymous wrote:I thought the people in the money forum would be more intelligent and not spew this political nonsense.

Is it nonsense only because you don’t know how to refute it? You should learn how to separate your opinions from facts, something that is taught in elementary school.

I thought the people in the money forum would be more intelligent and not spew this political nonsense.

Anonymous wrote:

Anonymous wrote:yes, they will be increased and safety net programs such as SS, medicaid will be cut. It is true that there is a lot of fraud in these programs and they need to be checked.

Fraud needs to be eliminated but the programs don't.

Eliminating the staff that was investigating fraud and firing IRS agents, by the way, has increased the inefficiency and fraud, not decreased it.

+1 I'm not sure why Republicans think it's a responsible move to attack the IRS, encourage its most experience staff to quit and cut taxes for billionaires. Revenue down, yet spending remains (for Republican priorities).

Japan, China, Canada and the EU hold a lot of America's national debt. And at the rate Trump is fracturing those alliances, they could easily dump that debt and we can watch rates soar in this country, at the same time we have bad inflation.

Then our goose will truly be cooked.

Anonymous wrote:I also think laws need to be changed based on immigration. You could get citizenship but can't rely on Govt if you are already close to retiring while getting citizenship and that is your intent.

Very few people move to the US and then become reliant on Medicaid. I do know of one person who did this, but it was truly because she moved here to be with her daughter and then, two decades later her health precipitously declined. If she hadn't had access to Medicaid, I'm not sure how we would have dealt with her: throw an 80 year old with Alzheimers out on the street?

Anonymous wrote:

Anonymous wrote:yes, they will be increased and safety net programs such as SS, medicaid will be cut. It is true that there is a lot of fraud in these programs and they need to be checked.

Fraud needs to be eliminated but the programs don't.

Eliminating the staff that was investigating fraud and firing IRS agents, by the way, has increased the inefficiency and fraud, not decreased it.

there are also a lot of deadbeat employees within Govt and they need to go. No point in pushing for efficiency when your employees are just waiting to retire and not do anything. I work for Govt and see what kind of wastage there is.

I also think laws need to be changed based on immigration. You could get citizenship but can't rely on Govt if you are already close to retiring while getting citizenship and that is your intent.

They will inflate the debt away. Politically much easier

I think taxes on the ultra rich will.have to increase, most people are becoming poorer right now.

Anonymous wrote:yes, they will be increased and safety net programs such as SS, medicaid will be cut. It is true that there is a lot of fraud in these programs and they need to be checked.

Fraud needs to be eliminated but the programs don't.

Eliminating the staff that was investigating fraud and firing IRS agents, by the way, has increased the inefficiency and fraud, not decreased it.