Tax increases and economic austerity programs are being put in place in Europe and soon North America to reduce deficits and slow down the growth of national debt. The smaller the debt the lower the amount of interest that needs to be repaid on the debts. Governments only have to be able to pay back the interest of their debts. National debts add to inflationary pressure that drives up interest rates.
Retirement age will be extended over time. Retirement age of 70 or even 75 could be universal by the middle of this century. Human life expectancies continue to increase over time due to the advances in modern medicine, science and technology.
1980 to 1990. National debt grew from $2 trillion 1990 to $4.5 trillion. Reagan's tax cuts for the rich and corporations contributed significantly towards the huge increase in the national debt.
2000 to 2008. National debt grew from $5 trillion to $8.5 trillion. Bush tax cuts for the rich and corporation as well as fighting two unwinnable wars in the Middle East(not included in the Budget/national debt) accelerated the increase in National debt and contributed towards the GFC meltdown.
Corporate bail outs under Obama have increased the national debt from $8.5 trillion to over $14 trillion with no end in sight. Obama also extended Bush tax cuts to the rich.
Rich top 1% wealth in the US more than the wealth of bottom 95% in the US combined.
Tax cuts should only be implemented if the nation can afford it and failing corporations should never be bailed out.
