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America on the Brink of Bankruptcy: How to Save Yourself and Your Country

Yasushi Inoue

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Published in The Real Crash: America S Coming Bankruptcy How To Save Yourself And Your Country

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America's fiscal problems are the result of a number of factors, including:

Rising healthcare costs: Healthcare costs have been rising faster than inflation for decades. This has put a strain on the federal budget, as the government is the largest payer of healthcare costs in the United States.
Social Security and Medicare: Social Security and Medicare are two entitlement programs that provide benefits to retirees and disabled people. These programs are funded by payroll taxes, and the aging of the population is causing the costs of these programs to rise.
Defense spending: America spends more on defense than any other country in the world. This spending has been increasing in recent years, as the United States has been involved in wars in Iraq and Afghanistan.
Tax cuts: The Bush tax cuts, which were enacted in 2001 and 2003, reduced taxes for wealthy Americans and corporations. These tax cuts have contributed to the federal budget deficit.

If America does not take action to address its fiscal problems, it could face a debt crisis. A debt crisis occurs when a country is unable to repay its debts. This can lead to a number of negative consequences, including:

Higher interest rates: A debt crisis would lead to higher interest rates, as investors would demand a higher return on their investment in US Treasury bonds. This would make it more expensive for the government to borrow money, and it would also raise the cost of borrowing for businesses and consumers.
Inflation: A debt crisis could also lead to inflation, as the government would be forced to print money to pay its debts. This would reduce the value of the dollar and make it more difficult for Americans to buy goods and services.
Economic recession: A debt crisis could lead to an economic recession, as businesses and consumers would reduce spending in response to higher interest rates and inflation. This would lead to job losses and a decline in economic growth.
Financial crisis: A debt crisis could also lead to a financial crisis, as banks and other financial institutions would be unable to repay their debts. This would lead to a loss of confidence in the financial system and could cause a run on banks.

There are a number of steps that must be taken to save America from bankruptcy. These steps include:

The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country

by Peter D. Schiff

4.3 out of 5

Language	:	English
File size	:	1065 KB
Text-to-Speech	:	Enabled
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Print length	:	463 pages

Reducing healthcare costs: Healthcare costs must be reduced in order to make the federal budget more sustainable. This can be done by reforming the healthcare system, such as by introducing a single-payer system or by allowing people to buy into Medicare.
Reforming Social Security and Medicare: Social Security and Medicare must be reformed in order to make these programs more sustainable. This can be done by raising the retirement age, by reducing benefits, or by increasing payroll taxes.
Reducing defense spending: Defense spending must be reduced in order to free up money for other priorities, such as healthcare and education. This can be done by ending the wars in Iraq and Afghanistan, by reducing the size of the military, or by cutting back on weapons systems.
Raising taxes: Taxes must be raised in order to reduce the federal budget deficit. This can be done by increasing taxes on wealthy Americans and corporations, by closing tax loopholes, or by introducing a value-added tax.

These are just some of the steps that must be taken to save America from bankruptcy. It is important to remember that these steps will be difficult and unpopular. However, they are necessary to ensure the long-term health of the country.

America is on the brink of bankruptcy. The national debt is at an unsustainable level, and the government is running large budget deficits. If America does not take action to address its fiscal problems, it could face a debt crisis that would have devastating consequences for the country and the world.

The steps that must be taken to save America from bankruptcy are difficult and unpopular. However, they are necessary to ensure the long-term health of the country.

It is important to remember that we are all in this together. We must all work together to save America from bankruptcy. We must all be willing to make sacrifices. We must all be willing to do our part.

If we do not take action now, we will all suffer the consequences.

The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country

by Peter D. Schiff

4.3 out of 5