Guess How Much Of Your Taxes Are Going Towards Paying The National Debt?!? (Jimmy Dore)

Elon Musk recently retweeted a comment from Shibetoshi Nakamoto highlighting a recent news story indicating that 76% of all income taxes collected by the federal government will go toward paying for interest on the national debt. This, Elon says, means the United States is steadily going bankrupt. This, says guest Paul Stone of Colonial Metals, is a direct long-term result of the United States abandoning the gold standard and instead pursuing an inflationary policy of simply printing money willy nilly.

Jimmy and Paul discuss this “confiscation of wealth” and Fed Chairman Jerome Powell’s recent comments on the “unsustainability” of continuing to run large deficits.



[Posted at the SpookyWeather2 blog, July 29, 2024.]