The Government Debt Crisis

Jeff Camarda (), Steven James Lee () and Jerusha Lee ()
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Jeff Camarda: Family Wealth Education Institute
Steven James Lee: California State Polytechnic University
Jerusha Lee: Claremont Graduate University

A chapter in The Financial Storm Warning for Investors, 2021, pp 19-27 from Springer

Abstract: 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.

Keywords: Government debt; Gross Domestic Product; Taxpayers; Redistribution; Tax plan (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77271-0_3

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DOI: 10.1007/978-3-030-77271-0_3

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