UNDER THE BUS
due to the debt !
NO NEW TAXES !
In case no one has been noticing what is happening on the U.S. economic scene while the Europeans bail out the Greeks, the Irish, the Portuguese and others >> employment is stagnating with record high levels of unemployment, corporate executives are receiving record high bonuses, and the political scene is turning over like a small town's sewer lagoon in the spring (the bottom sludge comes to the top losing a stench).
The Congress in clammoring to bring all the troops home -- not because they have suddenly turned "peace-nicks" ; but because they don't want to pay for them.
The huge debate is over the debt and borrowing to maintain the cash-flow needed to keep the government running. The "Debt Ceiling" will supposedly keep the government from borrowing and force the Treasury to tell bond holders that they can't have their interest ( nor maybe even the principal ). That's called a "default" which can force private outfits into a thing called << bankruptcy >>. Since we are not a Latin American country, probably no one will send in their Marines to seize out tax sources so they can collect what we owe them.
However, one can look back in history to see how the Euopean Monarchies (such as the Hapsburg family empire centered on Austria) who went bankrupt settled their debts -- they devalued
their currency; all at once
rather than just a tiny bit each year called inflation
which today the public is led to believe is directly connected with economic growth
. The government makes the money on hand fit the debt owed. Suggest that to the bank that holds the mortgage on your house.
Meanwhile back on the ranch, the Congress is looking frantically for places to cut spending. Guess who is early in line to "go under the bus?" Why the old, economically useless and non-productive aka "retirees" of course. Look at the attitude players openly express about the NPCs in the game Tropico. Tropico
players are the perfect image of the U.S. voters who absolutely reject paying taxes for any purpose which is not a direct (within one mile) benefit to them, personally.
Now remember that the U.S. after about ten years of very active wars has a large population of military veterans who are not old, but are maimed by combat to the extent that they are economically restricted or non-productive aka disabled (more or less).
So the race is on. Who first gets thrown out of the wagon to the wolves chasing it? The old or the war maimed? Post your guess.