J.R. Hummel on "Pay-As-You-Go"

"Even conceding that federal taxes might rise rapidly enough to a level noticeably higher than during World War II overlooks an important consideration: All the social democracies are facing similar fiscal dilemmas at almost the same time. Pay-as-you go social insurance is just not sustainable over the long run, despite the higher tax rates in other welfare States." Jeffrey Rogers Hummel, Why a Default on the U.S. Treasuries is Likely