Running out of money has no size limitations. We are not too big to fail.
Over the past twenty two or so years, the American people have received approximately $30 trillion worth of government services for which the tax to pay for them was deferred by borrowing the money. Even today, that deferred tax is about an additional $2 trillion each year. That tax bill is there. Nobody is going to forgive it or pay it for us. One way or another, we will have to pay for it or it will bankrupt the country. If that happens, the so called social safety net isn’t weakened, it’s obliterated.
It is often said that Congress has “the power of the purse”. Yet, it is Congress that has run up this tax bill, and continues to debate to this day how much bigger to make it.
