Probably correct, but consider that the current problem (deficit/national debt) is so out of control that taxing the “rich” (over $250K income according to Obama/Biden) at 100% of their income only generates about $1 Trillion annually while the current annual budget deficit is about $1.8 Trillion...and of course taxing them at 100% of their income is “unworkable”. So unless the Feds take a 30-40% budget cut across the board soon then default or currency debasement/”inflate away the debt” becomes inevitable.
Do not worry. US debt will not default. If it did, every investment vehicle (stocks, real-estate, gold) will also tank. Mother of all depressions will arrive. Do you know during last depression of 1930’s gold tanked because there were no buyers.
DC politicians have money printing machine.