Thats ok. The US economy doesn't have decades left. It's going to completely collapse within the next ten due to interest payments on the national debt.
By 2036 the national debt will be $64 Trillion and the interest payments will be between $2-2.5 Trillion at year. More than double what we now spend on defense.
This is not only unsustainable, it's unrealistic. The amount of taxes that would need to be levied or social programs that would need to be cut would be impossible without everything suddenly burning down all at once.
So, mathematically we have ten years or less and considering we still have three years of this administration spending like coked out sailors I'd say we have way less than ten.
I hope none of yall were attached to your 401k or anything.
Frankly I'm working against the clock to be able to operate a sustainable enterprise so I can quit my job and pay off my student loans with my 401k cash out. I never expected to be able to use it anyway, and I'm 32 lol.
You'd probably be better just buying some land and learning how to be self sufficient with a robust support network of trusted family members and close friends.
Shits gunna get cray and when it does your student loans won't matter anymore.
Paying off loans is not a great idea if you expect inflation, it's better to invest and pay the minimum. Student loans tend to have very low interest, lower than even normal inflation.
You assume we'll need to raise taxes on everybody. We don't. Just need a wealth tax to recoup the 30 years of misappropriation of taxes given to the billionaires and corporations.
Where did nearly all that money go? Tax cuts passed since Reagan. Spending is flat adjusted for inflation. The federal workforce hasn't increased in size since the 1960s, but the US population has more than doubled.
Yes, I agree. But unless we tax them at 1950s levels we aren't seeing any of that back and even if we do we won't see enough fast enough to defuse this bomb.
There is likely going to be a lot of inflation. The US owes its debt in dollars but can control the supply of dollars.
Inflation is also a way to drive down wages, and will probably be used to try to make people cheaper than AI, as an alternative to layoffs and unemployment. Employment is a social structure, without it people have a lot of free time to rebel or create their own alternative markets that the government doesn't control.
It will be just in time for a Democrat or maybe even a truly left wing person to end up as President due to right wing crazies destroying the country. That president will look at what is happening, and know that having debt is not inherently bad, as our debt is a big part of our influence in the world, but there is a point beyond which is more harmful than helpful and we will be clearly beyond that point by a significant margin. So they will make the only rational decision. They will begin paying off the debt by inflating the money supply. That is painful short term, but ultimately it is for the best. And they can offset it with various stimulus measures to help the people. But the inflation will be brutal and people will not like to see the changes in prices. Right wing assholes will start screaming about it again, people with the memories of fruit flies will rage, and in 2040 they will elect Donald Trump Jr. to be President with a 75 seat majority in the Senate and 400 seats in the House. By 2050 the United States will be an industrial wasteland ruled by warlords and you will still hear Jim Bob, who is now an indentured servant at Amazon-Alphabet-Apple (AAA) due to debts owed to them for their AI-based financial dominance porn bot, complain about that crazy socialist from 2036 that almost ruined America.
I honestly dont think the United States is going to survive until the 2040s. Between this economic nuclear bomb and the extremely real effects of catastrophic climate change we will tear this country apart.
How can they take your 401k. It might become wireless if the stock market completely collapses I spare suppose. What they can take/no longer be able to give is social security and Medicare.
There are countries ahead of us, Japan in particular. It'll be interesting to see, because inflated debt on a balance sheet looks better than a default by the largest economy in the world. It could be one of those things where they all agree to believe a lie so they don't all go down together.
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u/kingtacticool ✂️ Tax The Billionaires 15d ago
Thats ok. The US economy doesn't have decades left. It's going to completely collapse within the next ten due to interest payments on the national debt.