Hi Michael, taxes give rise to tax revolts (e.g. Prop. 13). Printing money
doesn't work in a deflationary environment, it just worsens the economy, nobody
will buy the bonds(they will force the government to pay high interest),
default is the only alternative to hyperinflation to "pay off" the debt but
default risks sovereignty itself. I see contraction of government as the only
likely scenario, because the baby boom will insist on Social Security and
Medicare, and war is war, and thus everything else dies on the vine. Am I an
optimist or what?