The U.S. government (and others) is well, not facing but presented with some unappetizing (for a politician) choices. You can see here how much money the government owes and just how many of us are available to pay it. We invite you to do that, rather than take our word for it. It’s an amount that American taxpayers will never repay, considering that it is added to their own personal debts.
If the hapless taxpayers will never repay the debt, what will result from that? A nice, clear article on that is available from the economics folk at Mises.com. I invite you to use the link to read the short article; the Mises folk have devoted a lot of thought to it to make things clear, simple and unappetizing, as economic reality so often seems to be. If you need the shortest version: you’re screwed.
It amounts to this: The government can destroy the American economy, trashing the country in the process or it can repay the debts partially at least, by sticking it to the citizens in any of several ways. What this means is, those now collecting from the government best not count on that for the future, including even the collection of Social Security, Medicare, Medicaid and now, even Obamacare. If you hold savings, best plan on the government grabbing some ot that and whatever you have in dollars, will likely buy increasingly less as time passes. Yeah, we know that sucks but the debt is already there and while our ‘leaders’ like Obama and House Speaker Boehner can pretend to ignore it for now, we’d better not if we know what’s good for us.
We really, really recommend that you read the short Mises article. It is after all, your money at stake. You have as they say, been warned.