In this episode of The Power of Zero Show, David McKnight shares evidence that unless there is immediate and dramatic fiscal realignment by the Federal Government, the U.S. will be mired down in a Great Depression by 2030.
Citing Brian Beaulieu, David discusses the role Baby Boomers play when it comes to Beaulieu’s prediction of the U.S. undergoing a Great Depression beginning in 2030.
David shares that Maya MacGuineas’ recent study showed that, just to prevent the debt from growing at a rate in excess of $1trillion per year by 2025, the Government would have to raise taxes on any dollar earned above 400,00 to 102%.
David brings David Walker’s words into the conversation. According to Walker, on average, Americans pay about 21% of their income to federal taxes, and another 10% to state and local governments. By 2030, to pay the rising bills, that amount could be at least 45%, even higher that the average 42% that most Europeans pay.
David talks about a couple of points Brian Beaulieu, David Walker, and Maya MacGuineas seem to be in agreement on: that tax rates will have to go up dramatically by 2030 and that politicians are likely to kick the can down the road.
David touches upon what you can do to best prepare for the Great Depression of 2030.
Mentioned in this episode:
David’s books: Power of Zero, Look Before Your LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
POZ Video: How High Will Biden Have to Raise Your Taxes?
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