It’s likely that at some point a lot of people who work and have worked hard will simply leave the country and emigrate to countries like Panama, Costa Rica, small countries with little bureaucracy. After taking their money, manpower, and skills out of the country, the government will likely end up supporting an entire welfare nation that will go bankrupt and there won’t be anyone to start/run/build businesses since no one will want their businesses in the US because of taxation, forced AA, and other similar things.If that was true, Sweden would have collapsed a long time ago. Taxation doesn't destroy countries, it just weakens them, they get slow and a bit lazy. It *does not* cause mass emigration. Countries collapse when they default on their debts. Taxation is odious, debt is fatal.THen the US will completely collapse and be left out of future business/diplomatic/military alliances and treaties, business or otherwise.
Well, Sweden is a small country that doesn’t have the amount of people we have on the rolls, plus our country is bigger and much more people literally flooding in.
more ideas ... right now interest is about 10% of total federal revenues ... $230 billion of $2.3 trillion
The world economy will soon recover independently of the US, as most developing countries are not facing the problems that we have. When that happens, foreign government bonds will see their interest rates return to a normal level and US Treasury notes will have to return to 4% to 5%.
5% of $15 trillion debt (FY2011) is $750 billion, which could be 25% of revenues if revenues reach $3 trillion.
As interest eats up more and more of revenues, Some of the DEM party will be faced with the reality of cutting domestic spending, defense spending, entitlements because interest most definitely is non-discretionary.
We never got our balanced budget amendment passed by the Gingrich House. Maybe in the future. Much damage will be done by the time we get there.