Karl Gallagher (libertarianhawk) wrote,
Karl Gallagher

If This Goes On . . .

The GAO head under Clinton and Dubya says the official $18 trillion in debt is only a third of what we're on the hook for. Once you add in the promises Congress has made without budgeting any money to pay for (Social Security, Medicare, pensions) the taxpayers are facing $65 trillion in debt.

That is, bluntly, something we're not going to be able to pay off. So there'll be a bankruptcy, either cutting those social security checks to a fraction of the promised size, or inflating the dollar until the promised amount is worth almost nothing.

But in all those presidential debates no one asks, "Senator X, the federal debt will break $20 trillion during your first term. What will you do if the financial markets don't supply the loans your administration asks for?"
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