To solve the national budget problem, we’ll have to raise taxes by 50% or shut down the federal government.
As I’ve been telling people for five years, “what can’t be paid, won’t be paid.” The national debt can’t be paid. It is mathematically impossible. Those of you who continue to hold U.S. Treasuries or virtually any other paper debt instrument are going to lose your assets.
My only objection to the following video is that it’s based on the government’s claim that the current National Debt is only $16 trillion. Credible sources estimate that debt to actually be anywhere from $50 to $500 trillion. I’m inclined to accept John Williams’ (shadowstats.com) estimate of about $80 trillion.
If, as the video below claims, even the $16 trillion National Debt can’t be paid, then an $80 trillion National Debt is even more impossible to pay and more certain to cause catastrophe. Until we reach the catastrophe, the national budget can’t possibly be balanced.
Other than the claim that debt is only $16 trillion, this video’s analysis of our national debt and national budget is short, easy to understand and brilliant.