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IPFS News Link • Economy - Economics USA

Will 401(k)s Be Nationalized?

• https://www.fff.org, by Jacob G. Hornberger

Prior to the coronavirus crisis, the federal government was spending $1 trillion more than what it was bringing in tax revenue. That meant that the feds were set to add on another $1 trillion in debt to the federal government's $23 trillion in debt. That would make the federal government's total debt $24 trillion.

Then suddenly the coronavirus hit and businesses began shutting down, in part because governments at all levels have been ordering them to.

These shut-down businesses are now laying off workers, millions of workers.

Shut-down businesses and unemployed workers mean a lot less income tax revenue for the federal government.

Yet, at the same time, the federal government, unlike the private sector, is maintaining its current level of expenditures. That's because everyone on the dole, including the military, seniors, and big corporations are absolutely insistent that their dole and bailout money continue during the crisis.

So, what has the federal government done in response to the coronavirus crisis?


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