"Because it's only been going on for a few months, the impact on the prices we pay is about to unload itself," says Wolff. The US national debt, which recently topped $40 trillion, is "one of the many signs of an economy and of an empire that is now in decline," says Wolff. "
There is an enormous increase in defense spending, or now war spending, that is scheduled, and no comparable increase in revenue."
Wolff also discusses how a global sell-off of US government bonds means increasing borrowing costs for everyday consumers.
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