CMV: US is bankrupt and we (the American taxpayers) will be required to pay back the debt.

Before we begin I am neither a democrat nor republican. My mind works for the people. I do not care if it is a democrat or republican in charge as long as our democracy is working for the people. If the government is working for the people it does not matter if a republican or democrat is president or in charge. <br><br>I have recently become very interested in the government debt. The government debt now stands at around $31 trillion dollars. That is around $100k per citizen in the US. That is around $300k per tax paying citizen. And the 1% pays most of the taxes. <br><br>I have done a lot of research on this topic. It is my personal belief that the US government is bankrupt. The US government used to pay back its debt but has not since 1830 and has only been raising its debt since then. The US (and the world) has never seen inflation this high until now. The government kept printing money and raised the interest rate. I think as a result of our high inflation and high interest rate the government will not be able to pay back its debt. The government will need to raise tax dramatically, or cut spending dramatically, or both. Or the government can file for bankruptcy. But I do not think the government will file for bankruptcy. I think the government will raise tax dramatically and cut spending dramatically. <br><br>The government will probably first create a national sales tax. The national sales tax will probably be around 10% or higher. Then the government will increase property tax. The government will increase property tax by 10% or higher every year for the next 20-50 years. Then the government will increase income tax. The government will increase income tax by 10% or higher. The government will cut every program (social security, Medicare, etc) by 20-50% or more. <br><br>This may seem like a crazy thought process but I hope and pray that I am wrong. I hope and pray that the government can pay back the debt. I just think that the government has been running on debt for too long. I do not think the government can survive for another 200 years on debt. Has this happened before in another bankrupt country? The country files for bankruptcy. The country forgives all of its debt. The country creates a new currency. The new currency is pegged to a stronger currency. The country dramatically increases tax. The country dramatically cuts spending. <br><br>[Edit: hi everyone. I am overwhelmed by all of the comments. Thank you for all of the comments. A lot of them are good but a lot of them are not so good. I am trying to respond to around 20 comments right now. Feel free to keep commenting. I will also read all of the comments and respond accordingly. I will also keep using grammarly. Whoever commented that they hope Trump wins the next election is not welcomed here. ]