> They passed laws under Obama that allowed them to seize your assets, stocks/bank accounts, retirements, in case of national emergency. <
I’ve haven’t heard that one. But there has been some talk of the Feds forcibly converting all retirement assets into long-term government bonds that pay 1%. It wouldn’t be outright theft, as you’re not losing any money.
I’m guessing that talk will stay just that, talk. More likely Congress will just print its way out of trouble. This will, of course, cause hyperinflation. But since when did Congress look ahead?
Printing more money to cover the growing budget deficits just increases annual debt servicing costs at a time when interest rates have been increased. The old debt must be refinanced at much higher rates.
We had a $2 trillion budget deficit for FY 2023 ending September 30. Debt servicing costs in FY 2023 were over $700 billion. They are projected to go over $1 trillion next fiscal year, the largest single cost in the discretionary budget, exceeding DOD's budget.
Running huge annual deficits and printing more money just accelerates the increase in debt servicing costs and the size of the national debt, which will consume the entire federal budget left unchecked. Default is inevitable. We are being sucked into a doward death spiral.
Oh, and the Medicare Trust Fund will be exhausted in 2028 requiring, by law, a reduction in benefits not to exceed revenue. The SSTF goes belly up in 2034. Medicare and SS represent an unfunded liability of $100 trillion. We can't kick the can down the road because we have run out of road.