The Slow Death of the United States

For the first time since 1946, the total debt of the United States ($39.5 trillion) is greater than our GDP ($32-ish trillion). The interest on this debt is currently about $1 trillion per year, which is more than we spend on defense. This level of debt won’t create an explosion, but more of a slow burn. To service this debt, yields on bonds will go up, which means borrowing goes up, which means inflation stays high, which means your cost of living stays high. Basically: the United States is in financial straights which means most families here are going to be in financial straights. This problem IS NOT FIXABLE without taxation reform. You can’t pay this down through economic growth. We have been fiscally irresponsible for decades now, slashing corporate and personal income taxes with nothing to show for it other than an accumulation of wealth at the top. The London School of Economics has looked at the long and ugly history of trickle-down nonsense and shown that it doesn’t do…