The satire was unnecessary, but the solution to the problem may be straightforward. That the US default on its national debt.
It actually may cause *less* pain in the long run to do so, then to keep up the pretense that it could be repaid, much less than it will be repaid.
Argentina has defaulted on its debt four times, and while it did create problems, in a way it was reassuring, because it signaled that their government was moving in the direction of reality, away from fantasy.
This reality means that government largesse programs, like Social Security, Medicare (and Obamacare), and Medicaid, would be effectively over. They are by far the majority of the federal budget.
But in addition, it would force the US government to have a balanced budget, each and every year, for many years, because it could no longer borrow money. This means that revenues could only be as great as taxes.
Economically, it could do America wonders, because we could no longer pay for expensive imports of oil and consumer products made by other nations. Since we would still want oil and such products, we would have to rebuild our industries to provide and make them.
Ironically, even those nations from whom the US defaulted would not terribly suffer, because most of their investment in US Treasury Bonds were made with profits of selling to us, not from their core wealth.
But of course the US would never default on its debt willingly, so likely it will be the culmination of a national and international depression.
Importantly, default has been done before in the US. Several States defaulted on bonds they had unwisely issued, and this, as well as other factors, resulted in “The Panic of 1837”. And in 1895, the US itself came close to default, already two years into a different depression, “The Panic of 1893”.
So it is a measured weighing of the advantages vs. the disadvantages of default, pushed by a severe economic collapse, that will be the final straw. And hopefully as a nation we will emerge wiser for it. But judging from our history, probably not.
That the US default on its national debt.
Exactly. The progressives have so destroyed the core beliefs that built this great nation. I feel this is no longer the same country I grew up in. If they believe that they can inflame ‘patriotism’ to encourage the productive to work harder and longer for less, they are sadly mistaken.
My life is my own.
The better answer (in my view) is simple: laissez-faire capitalism INSTANTLY. Death to the evil hateful welfare state, including Social Security, Medicare, Medicaid, Welfare, govt' schools and roads, etc. Also -- SELL all that US-owned property to the highest bidder as-is.
But your reply was GREAT, Yefragetuwrabrumuy, and food for thought! :-)
Good response. I think that we're getting to the point where foreign investors aren't going to be buying our debt. If they do, it will be at a much higher interest rate. We'll be like a couple making $40,000 who has $100,000 in credit card debt. It will take us a hundred years to pay it off.