The US debt has grown far beyond what I expected was ever possible. The money is never getting paid back, but what will be the consequences?
Hyper-inflation, world war or dollar devaluation? This is one hell of a crack high and maybe the laws of economics don’t matter anymore, but I still contend this has to correct at some point.
This has been known for sometime - Reagan setup the Grace Commission. The IRS funnels form 1040 taxes to pay interest, while not a plug nickel of 1040 funds goes to fund ANY government program. All federal spending derives from new borrowing or sources other than taxes.