Economic Collapse

[Mariner*]

Xlent repost basserdan, bottom line is we have been consistently spending more than what we have every year, and backing up bond securities with the full faith and credit of the United States of America.

All administrations and Congress have been doing it since the 60's, inside, and to our own Government functions, thus to the people of our country. Case in point, "Special" government bond issues to the social security system even passing law to justify it.
Totally raping the "TRUST" fund saying that the trust fund cannot operate with a surplus, thus forcing it to operate with only the money it needs to operate for the fiscal year. The rest of the money goes to the general fund, for whatever Congress wants to spend it on.

That's been happening for decades now, but now with all the baby boomers retiring the money being collected is not sufficient enough to pay for it's operation. Now the trust fund becomes a liability to the general fund. And instead of being a cash cow, it's now referred to as an entitlement.

*["Not" something citizens have been paying into for their entire working lives as an investment into their financial future].

That's just one glaring example of a totally dysfunctional Government that has not been working to sustain itself with a view to the long term viability of itself. But with a short term view, with no fiscal constraints, eating itself alive from within.

Fact is we live "Not" in a proactive society, but in a reactive one.
There is no thought for tomorrow, concerning the financial security of our country.
We are headed for a financial reckoning full bore, with no apparent constraints in place whatsoever to prevent it, or at the very least to mitigate it's consequences.

Xlent article, Bill Holter gets it.

https://www.milesfranklin.com/mope-the-government-will-never-let-it-happen/