Here’s the excuse for the coming MASSIVE tax hikes.
Going galt here. It is very difficult to tax those that don’t earn and don’t spend.
Cut spending= political storm.
keep spending= higher interest rates= snuff recovery.
print money = dictatorship
Avoid unnecessary purchases. Become more self-supporting every month. Start a hobby of learning to make something useful. Welcome the big default and consequently small government. They’re trapped.
They haven’t monetized the debt, dollar-for-asset. They’ve only created funny financial instruments. Bernanke said that they won’t monetize the debt, because it wouldn’t work as it has in the past. We no longer have a manufacturing base to support that move with revenues. If they monetized the debt, their money would be worthless. Your local, yocal Minnie Pearl government employees wouldn’t be able to buy anything with their federal funds. They’ll just have to go away mad, because the revenues won’t be there for paying them.
Exactly. It will be called another financial “crisis” and Obama will somberly say that we need to “put our differences aside” and “come together” and pass historically large tax increases to save the country.