The US financial system has been living on a series of one time free lunches. This is the last one to try.
Basically, the people want a lot of govt. services (anyone want to try to cut medicaid or medicare ? Ans is NO.) and not pay for them (anyone want to raise taxes ?)
Free lunch number 1 was social security. Generation 1 gets free stuff paid for by gen 2. Gen 2 gets repaid by gen 3, etc. You get 1 free lunch for gen 1.
Free lunch no. 2 was WWII. The world destroyed itself while the US was barely touched economically.
Free lunch no. 3, put the women to work.
Free lunch no. 4, globalization holds down inflation while the govt. can print money (which would normally cause inflation) to spend on all kinds of stuff.
Free lunch no.5, technological innovation. This has been wonderful but we are running out of innovations. The few that are left are high temp superconductors, nuclear energy, fusion, better robots (which are a lot like guest workers)
Free lunch no.6, import adult guest workers (you don't have to pay to school them or raise/rear them as kids, and you send them home before they retire)
The US financial system has been living on a series of one time free lunches. This is the last one to try.
Basically, the people want a lot of govt. services (anyone want to try to cut medicaid or medicare ? Ans is NO.) and not pay for them (anyone want to raise taxes ?)
Free lunch number 1 was social security. Generation 1 gets free stuff paid for by gen 2. Gen 2 gets repaid by gen 3, etc. You get 1 free lunch for gen 1.
Free lunch no. 2 was WWII. The world destroyed itself while the US was barely touched economically.
Free lunch no. 3, put the women to work.
Free lunch no. 4, globalization holds down inflation while the govt. can print money (which would normally cause inflation) to spend on all kinds of stuff.
Free lunch no.5, technological innovation. This has been wonderful but we are running out of innovations. The few that are left are high temp superconductors, nuclear energy, fusion, better robots (which are a lot like guest workers)
Free lunch no.6, import adult guest workers (you don't have to pay to school them or raise/rear them as kids, and you send them home before they retire)
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You have quite an amazing grasp of the issues.
Ultimately, in the end, all of them have led to more and more government. And in the end, the centralization of government power will bring about the total collapse of our economy.