[Marxism] IMF warning on US debt

["Jurriaan Bendien" <bendien@xxxxxxxxxxxx>]

All the IMF is really saying is "your overall debt position is not good, and
you have worsened it with a budget blowout". Debt is big business in the
USA, it's capitalism on borrowed time. As regards the US Government, they
basically have to fight less wars, cut departmental budgets, increase tax
revenue, and somehow increase economic growth. The question of where the
revenue is going to come from is mainly political. It's the strong against
the weak, and taking revenue away from people doesn't make you popular.
Defence expenditure is the biggest single item in the US Government budget.
If there are major debt defaults, then it's big trouble. It doesn't leave
much scope for democracy, I guess.

J.





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