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Before any of this happens, the U.S. will lose its Triple AAA credit rating. All that will mean is that they have to offer a higher interest rate on Government debt. The Government also has unlimited power to tax. Warren Buffet pays a smaller percentage of taxes than his Secretary. There is a little room for tax increases I think. You really need to extrapolate on 'China doesn't buy our bonds ... the Government collapses'. You've missed writing about 6 chapters of your book.
Yes, the U.S. has a BIG deficit problem and it will only get bigger as entitlement programs for Boomers kick in. Is the sky falling tomorrow? No.
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