Why The US Debt Is Unsustainable And Is Destroying The Middle Class
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The article discusses the unsustainability of the US debt and its negative impact on the middle class. It argues that excessive public debt leads to rising taxes, weaker productivity growth, and weaker real wage growth. The accumulation of public debt is seen as printing money artificially, which erodes the government's growth and productivity potential. The article emphasizes that the state's debt becomes a reserve only when the private sector values its solvency and uses it as a reserve. The United States debt is said to have become unsustainable when the Federal Reserve stopped defending the currency and paying attention to monetary aggregates. The article concludes that the destruction of the middle class and the deterioration of the small and medium enterprise fabric are the consequences of rising debt and deficits. It suggests that independent money, such as gold, can solve this problem.
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