Your doomsday poverty scenario is more likely defaulting.
Posted on: April 14, 2012 at 15:58:51 CT
In Your version of the world, we can simply continue to run trillion dollar deficits, with no impact at all.
Instead of the harsh reality, when those bonds don't sell, the govt will have to shrink by 40%. SSN, medicare, all shrink, and nearly every welfare program would get cut. Or, you try to raise taxes enough to cover the missing 40%, which will also crater the economy.
The real irony, is you need unfettered capitialism, in order to fund the govt socialism you want.
Oh well, I'd have better luck explaining that to a rock.
FYI, that default I mentioned? It's nearly here.
2025 according to the CBO. I expect 2018, 2020 is more likely. 4 more years of Obama? Inevitable.
romney? Might be dealyed til 2030.