Eventually the US will no longer be able to borrow, either
Posted on: September 30, 2016 at 23:52:06 CT
JoplinTiger07 MU
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because its credit rating is downgraded (by CRA's across the board) or because US debt holders like China decide to offload their US debt holdings for cheap.
Then the US will have to start printing money, or default. Technically, we can never go "bankrupt" since we can always print more money, but that's an ugly path to hyperinflation and all sorts of devastating problems.
People do not take the debt seriously. They think it can keep going up and up without repercussions, but there will be a day of reckoning, eventually.
I feel sorry for kids being born today. I'm early 30's (which technically makes me a Millennial) and think my generation will be the last to have it better or even as good as its parents' generation.
Edited by JoplinTiger07 at 23:54:43 on 09/30/16