The other day I was talking to someone who makes more than $1 million per year about tax increases. He said he didn’t care and mentioned to me how great it felt to be debt free. I told to him that he wasn’t debt free since he owed his share of the national debt, which, including the unfunded debt, was $440,000 per person. He stated that he would never have to pay it since he was moving to Australia where there is a balanced government budget, and while the US would get his taxes, they would not get his assets or his consumption.
The retired, middle class and above, monied citizens are moving to locations where life is much less expensive, where there are upscale, affordable, private hospitals, and they don’t have to put up with U.S. Congressional monkey shines.
What does that leave? Only those that can’t afford to leave and a flat or broken down economy for decades to come. We should admit the truth: Congress has screwed us all over with their spending and we are going to economic hell as a result.
Currently, 6.3 millions Americans live outside of the US, which makes them the 17th largest state. Think about doubling or tripling that and the impact on the economy.