The very progressive nature of the US tax system dismisses the tempting notion that mammoth Govmint borrowing can be financed just by taxing upper-income people.
Washington’s “print the money and run” policy will end badly.
Here’s a fact: numerous candidates have already surmised the cost of our fiscal calamity to be just $55,000 per household. That figure is wrong. It does not take into account realism. Elderly, children, the sick and numerous others DON’T WORK!
So let’s get the numbers straight.
The borrowing is against the net worth of one set of Americans who have a job. It’s the working stiff who is going to finance this Govmint blowout. One fifth of American household’s will have their wealth creation taken from them (actually confiscated) and expropriated to finance unproductive individuals of our society.
The actual amount owed/stolen/confiscated is closer to $275,000 per household for those that actually are lucky to keep/find a job.
A simple reading of William L. Siber’s book “Vockler: The Triumph of Persistence” embodies how we both prevent and defeat such macro schemes; an engaged Congress as our Founders envisioned, a Constitutional Amendment limiting debt to a discrete percentage of GDP, a Federal Reserve mandate limited to price stability. Let’s start there.