Taxpayers have a nasty surprise coming. More and more future tax dollars will go to pay off old bills and old promises the federal government made, but couldn’t pay.
The money borrowed by the federal government will result in a national debt of some $20 trillion by the end of this decade and taxpayers will have to pay almost $1 trillion a year, just in interest.
The chaos and danger of such a predicament is evident in Greece, which is so deep in debt - its economy is in chaos with national strikes, violent street protests and pensions on the verge of collapse - all because Greece owes so much money abroad. The country is now forced to beg for even more loans at higher interest rates just to stay afloat...