1 hour ago1 hr Inflation / devaluation is the plan, they're just never going to tell you or me. The only politically feasible path to getting out from under this debt load is to systematically devalue past labor by allowing future labor to buy those assets (and pay for benefits) at elevated prices so boomers and others don't have to suffer paper losses and the government doesn't have to "default."The family has a 400,000 mortgage. Our combined income is 50K, but we're spending 60K. Also, we have 12K/yr in credit card interest we owe and which is accelerating, and we just decided to start paying the mortgage with the credit card too. How we doin? Even if we wanted one, there's no way traditional way out. Raising taxes doesn't close the gap. You could confiscate 100% of the wealth of the top 10 gazillionaires in this country and it would fund social security for about a year and a half.No political will to trim spending + no ability to close the gap with taxes makes all this inevitable. The only thing that could stop it (IMO) is large scale "additions" to the national treasury. Stuff like Venezuelan oil reserves.
Create an account or sign in to comment