Can a bankrupt and/or insolvent government afford the totalitarian state?
Let’s flush the toilet, so to speak, and society can agree in an open and honest manner exactly what we want out of government, and what we’re willing, and able, to pay for. The “elites” at every level have set up for themselves a pretty sweet gig over the years, but it’s over or nearly so, and they are not going to go away gently into the night. They are going to go away however, simply because the math won’t allow it. So, things will get a lot more local in nature - small business, for example, should flourish for those who want to make a go of it, and the myriad rules, laws, regulations and ordinances of the non-sensical kind foisted on the productive by the non-producers will go away or be ignored. This is as it should be, and it’s a wonder anyone thought otherwise or we allowed the silliness to continue as long as it did.
Your analysis is correct. As Karl Denninger of The Market Ticker notes - it is about the math. Our deficit spending has been rising much faster than our production since the 1980s. These are diverging exponential functions and simply cannot continue. The question is not if the system will collapse, but when.