'The US will pay its bills. The US is highly unlikely to default on the national debt, at least not for more than a short period. An agreement will be reached between the White House & Congress. Unfortunately, that agreement will be hollow.' -James Rogan
is a political chess match, and the people are the pawns. Democrats are addicted to spending and increasing the size of government. They want to replicate the failed European model of a social welfare state. Republicans, too, are addicted to providing government benefits to their favored constituencies in agriculture, carbon-based energy, and the military-industrial complex. Republicans are also addicted to cutting taxes.
In an era of relatively high inflation, which according to the Federal Open Market Committee will be the case through 2024, the pressure to raise social welfare spending will become irresistible.At the same time, Sen. Elizabeth Warren and other liberals are already pushing for more social welfare legislation. In addition, Republicans are already making the case for extending the temporary tax cuts from the 2017 Tax Cuts and Jobs Act.
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