, 3 tweets, 1 min read Read on Twitter
Deficits will increase until there are negative ramifications. But that will be too late

People lose faith in the USD and the only recourse to weakness will be to jack rates up

In 2022 100% of our budget will already be going to existing liabilities

We cant afford higher rates
It’s easy to see this spiraling out of control

Other countries stop buying treasuries —> we jack up rates further -> our interest expenses increase and we need to issue more debt —> more people stop buying —> higher rates...etc
Given our existing liabilities — both entitlements + debt — we’re on a surefire path to massive tax hikes that all go to pay *existing* entitlements

This is a recipe for instability.

The working class is going to be funding the excesses of the last 50 years
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