Quote:There are 0 possibilities.  The dollar will collapse and its just a matter of whether we want to bite the bullet or we want our children or grandchildren to bite the bullet.

 

The current debt is almost 18 trillion.  There is only like 11 trillion dollars in the entire world.  There is only like 2 trillion in non-electronic currency.  Raising taxes isn't even a drop in the bucket.  Even at the lowest interest rates we've ever paid at 2.4% we're paying $500 billion IN INTEREST ALONE per year.  If we literally doubled the income tax and people were paying 60-70% of their paychecks into taxes, it would still take like 25 years to pay off the debt.

 

The US GDP is around $17trillion/year.

 

The biggest problem we have is that corporations went from paying about a third of all the government tax income 60 years ago to currently paying less than 10%. Corporations need to be brought to task and made to shoulder their share.

 

Of course the idea that a 90%+ Debt/GDP ratio can't be paid off just shows you don't know your history. The USA already did it once around 70 years ago. The top marginal tax rate was 90%.

---