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The Government Debt Crisis

In: The Financial Storm Warning for Investors

Author

Listed:
  • Jeff Camarda

    (Family Wealth Education Institute)

  • Steven James Lee

    (California State Polytechnic University)

  • Jerusha Lee

    (Claremont Graduate University)

Abstract

This chapter explains that colossal tax hikesTax hikes are inevitable and coming quickly. Government debt will soon exceed gross domestic product. In fact, it is forecast that by 2050 our debt will be nearly twice annual gross domestic product. Big tax hikes are inevitable, but it will not make much of a difference given the sheer amount of US debt. The top 1% currently pay more income taxIncome taxes than the bottom 90% combined, and it is still not enough revenue. Half of all taxpayers (which likely includes you) pay 97% of all income tax. You are at risk for future income redistribution that will be needed to fix the massive debt issue and the continued strain on the national economy.

Suggested Citation

  • Jeff Camarda & Steven James Lee & Jerusha Lee, 2021. "The Government Debt Crisis," Springer Books, in: The Financial Storm Warning for Investors, pages 19-27, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-77271-0_3
    DOI: 10.1007/978-3-030-77271-0_3
    as

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