- Joined
- Mar 22, 2020
- Messages
- 304
- Reaction score
- 84
- Gender
- Male
- Political Leaning
- Libertarian - Right
As much as we might wish otherwise, the United States is heading toward a debt default, and there’s little anyone can do to stop it—at least not until economic forces force our hand.
Unlike Greece, which was forced into austerity measures to avoid defaulting on its debt, the US finds itself in a uniquely precarious position. Greece had the IMF, European Union, and other international forces pressuring them to cut spending and restructure their economy. The US, on the other hand, has no such external accountability. The government can continue to spend beyond its means, running trillion-dollar deficits year after year, without any international body to reign it in.
The right wing often talks about cutting spending, but let’s be real—how many times have we heard that promise, only to see it go unfulfilled? The politicians who claim to advocate for fiscal responsibility have been in power for decades, and yet government spending continues to grow at an unsustainable rate. The real outcome of this rhetoric is that the size of the government only increases, the military-industrial complex expands, and the government’s reach into our personal lives continues to grow.
On the other side, the left offers a solution: tax the rich. But again, we know this is nothing more than a political talking point. They’ve had plenty of chances to try this policy but they will never betray their donor class. Even if this were to happen, it won’t be nearly enough to close the massive budget gaps. Let’s face it: the rich have the resources to protect their wealth, and even if tax rates rise, the federal government’s dependency on debt will continue to increase.
We are stuck in a cycle of denial. The politicians can’t make the hard choices. They won’t cut spending, and they won’t raise taxes in a way that addresses the true fiscal imbalance. Meanwhile, the Federal Reserve will keep printing money, pushing the nation further into debt. This path will only end one way: an inevitable economic collapse that could force the US to default.
Unfortunately, no one will do anything about this until the economic forces make them. When the debt becomes too large to sustain, when inflation spirals out of control, when the dollar loses its standing as the global reserve currency—only then will the government be forced to confront the consequences of its fiscal irresponsibility. By that point, it may be too late to avoid a full-blown default, which could lead to a massive loss of wealth, social unrest, and a dramatic restructuring of our economy.
No one in DC will do anything to stop this, and when the pain really starts to hit, they will try and keep the scheme going for as long as they can instead of trying to address the issue, which will only make things even worse.
I don’t see any way to prevent this, but maybe we can restructure after the crisis to prevent it from happening in the future. Hard currency is the only sure way to handcuff the state from such reckless behavior.
Unlike Greece, which was forced into austerity measures to avoid defaulting on its debt, the US finds itself in a uniquely precarious position. Greece had the IMF, European Union, and other international forces pressuring them to cut spending and restructure their economy. The US, on the other hand, has no such external accountability. The government can continue to spend beyond its means, running trillion-dollar deficits year after year, without any international body to reign it in.
The right wing often talks about cutting spending, but let’s be real—how many times have we heard that promise, only to see it go unfulfilled? The politicians who claim to advocate for fiscal responsibility have been in power for decades, and yet government spending continues to grow at an unsustainable rate. The real outcome of this rhetoric is that the size of the government only increases, the military-industrial complex expands, and the government’s reach into our personal lives continues to grow.
On the other side, the left offers a solution: tax the rich. But again, we know this is nothing more than a political talking point. They’ve had plenty of chances to try this policy but they will never betray their donor class. Even if this were to happen, it won’t be nearly enough to close the massive budget gaps. Let’s face it: the rich have the resources to protect their wealth, and even if tax rates rise, the federal government’s dependency on debt will continue to increase.
We are stuck in a cycle of denial. The politicians can’t make the hard choices. They won’t cut spending, and they won’t raise taxes in a way that addresses the true fiscal imbalance. Meanwhile, the Federal Reserve will keep printing money, pushing the nation further into debt. This path will only end one way: an inevitable economic collapse that could force the US to default.
Unfortunately, no one will do anything about this until the economic forces make them. When the debt becomes too large to sustain, when inflation spirals out of control, when the dollar loses its standing as the global reserve currency—only then will the government be forced to confront the consequences of its fiscal irresponsibility. By that point, it may be too late to avoid a full-blown default, which could lead to a massive loss of wealth, social unrest, and a dramatic restructuring of our economy.
No one in DC will do anything to stop this, and when the pain really starts to hit, they will try and keep the scheme going for as long as they can instead of trying to address the issue, which will only make things even worse.
I don’t see any way to prevent this, but maybe we can restructure after the crisis to prevent it from happening in the future. Hard currency is the only sure way to handcuff the state from such reckless behavior.