The International Monetary Fund (IMF) has branded the United States ‘bankrupt’. Are they right? They very well could be seeing that the country’s fscal shortfall is $202 trillion or about 14% of the Gross National Product (GNP). What does that mean in layman’s terms? Basically that it will take a 14% increase in revenue or a 14% decrease in expenditure to bring the country back to fnancial stability.
As far as increasing revenue is concerned, there are only three options available to the government (or the government of any country not just the United States) – borrow it, print it or tax for it. Out of the three, only the final one is viable. For obvious reasons, the frst two are risky and unrealistic.
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