Originally Posted by garysher

Allowing the US dollar to devalue against all other major currencies is the current fiscal policy aimed at reducing the humongous trade deficit with the least pain.

As the years go by it's hard to see how any administration will be able to meet financial requirements for Social Security, Medicare etc on an aging, retired population, without raising taxes on the decreasing numbers of people still in the workforce.

In other words steadily increasing taxation seems inevitable.