America is far more powerful than anyone wants to admit, and the higher rates will not bankrupt the nation. What will most probably happen (imho) will be federal spending on 'human recourses' will see HUGE cuts, the debt and new borrowing will drop big time, and America will not only survive but prosper. Ah, and the recovery pain will all be blamed on "
cold, heartless corporations".
I see what you are saying and perhaps it’s a reasonable projection.
However, I don’t see any way people can have “their checks” taken away (or slashed to near zero) without massive rioting and other violent civil disobedience.
All the while being cheer led by the progressive press...unless the rioting is occurring inside the boundary of their gated communities.