Can the US Economy Collapse?

My comment, "This is a bit longer read than I normally write but this touches anyone who pays taxes in the U.S. or has some type of savings account. Could the U.S. economy look something like the Greece debacle? Perhaps there are some similarities. Like the U.S. Greece’s economy was plagued by several problems. Rather than strengthening the economy, the country suffered from inflation rates, high fiscal and trade deficits, low growth rates, and exchange rate crises.

The recession weakened Greece’s tax revenues, which caused the deficit to worsen.

Greece's economic implosion - Tax revenues weakened, which made Greece’s fiscal position worse. Austerity measures also created a humanitarian crisis: homelessness increased, suicides hit record highs, and public health significantly deteriorated.

Some 1.15 million have been subjected to asset seizures, mostly money docked directly from their bank accounts. Seizure orders can lead to the confiscation of salaries, pensions, and even benefits paid out by the state, both for privately employed and public workers.

According to the general definition—two consecutive quarters of negative gross domestic product (GDP)—the U.S. entered a recession in the summer of 2022.

If the U.S. economy were to collapse, you would likely lose access to credit. Banks would close. Demand would outstrip the supply of food, gas, and other necessities. If the collapse affected local governments and utilities, then water and electricity might no longer be available.

A perpetually rising debt-to-GDP ratio is unsustainable over the long term because financing deficits and servicing the debt would consume an ever-growing proportion of the nation's income. Our U.S. National Debt surpassed $30 Trillion dollars in 2022.

In late May, the Congressional Budget Office (CBO) projected that annual net interest costs would total $399 billion in 2022 and nearly triple over the upcoming decade, soaring from $442 billion to $1.2 trillion and summing to $8.1 trillion over that period. Dec 14, 2022. The U.S. Treasury has forecasted to collect $1.3 Trillion dollars for the fiscal year 2023 from U.S. taxpayers.

In spite of the fiscal concerns of today, the administration continues to spend as if financial responsibilities are not relevant to the tax-paying citizens of the United States. An example is the Omnibus Bill which allocates $410 million to border security for the countries of Jordan, Lebanon, Egypt, Tunisia, and Oman. Consider that 21 Republicans also voted for this bill while we maintain open borders, and drug-free zones while the taxpayers pick up the bills.

If not addressed, could the U.S. have its own version of the financial crisis of Greece?

@Lt Col Charlie Brown COL Randall C. @LTC Stephen Curlee @Maj William W. 'Bill" Price @CSM Charles Hayden @CMSgt Lawrence McCarter @SFC Joe S. Davis Jr., MSM, DSL @CPL Vic Burk