I appreciate the replies and I believe everything each one of you said which is why I asked the question. No one answered it, though.
I figured your question was rhetorical because there is no way to know when the wheels will come off. There is one camp that thinks it will be sudden and abrupt - like a run on banks. There is another camp that thinks we are the frog in a pot of warming water and it’s boiling.
There are too many variables.
As long as our bonds sell in the world market we can coast along increasing our debt until nobody will buy it.
As long as the dollar is the world currency everyone has a vested interest in our economic survival until an alternative is found.
etc etc.
We all agree that this level of government spending is unsustainable and the projections are frightening. Remember this, the calculations they base their estimates on assume a level of economic growth based on past years when the economy was much more healthy. The reality is that we are sinking faster than ever with government expenditures going through the roof. Remember the debt ceiling crisis and debate? Do the research on how long raising the ceiling was supposed to buy us..... we have reached it again. The proposed savings to pay for the debt increase were projected over 10 years assuming good economic performance.
When it happens is anyone’s best guess. I just know that there is no stomach for shared sacrifice in this country anymore and no true leadership because anyone who tells the truth will be replaced with someone who gives people what they want.
I would urge you and yours to start preparing now and don’t worry about a date because anyone that answers is giving you a guess.....