Source: “Graphic: Who pays the taxes?" What Went Wrong: The Betrayal of the American Dream. February 7, 2011.
By Paul Kellogg
July 27, 2011 -- PolEconAnalysis, posted at Links International Journal of Socialist Renewal with the author's permission -- As July came to an end, the United States central government had come up
against its congressionally mandated debt ceiling. Without an agreement
to raise that debt ceiling – last set at US$14.3 trillion – the US
central government will be unable to borrow money to pay its bills. The
consequences could be extremely serious – soaring interest rates, a
collapse of the US dollar, not to speak of social security stipends,
pensions and salaries going unpaid.
