{"id":7309,"date":"2021-08-02T15:37:48","date_gmt":"2021-08-02T19:37:48","guid":{"rendered":"https:\/\/granitestatetaxpayers.org\/gst\/?p=7309"},"modified":"2021-12-21T11:45:26","modified_gmt":"2021-12-21T16:45:26","slug":"7309-2","status":"publish","type":"post","link":"https:\/\/granitestatetaxpayers.org\/gst\/7309-2\/","title":{"rendered":"Argentina’s Journey from Riches to Depression is a Warning for America."},"content":{"rendered":"

Argentina’s 20th Century Descent from Riches to Depression is a warning for 21st Century America. <\/strong><\/p>\n

This 2015 video highlights how government strategies destroyed Argentina and its institutions.<\/strong>
\nMandatory universal health and pension insurance, and affordable housing, were funded by wage taxes.
\nOverly generous benefit outlays outstripped the funding for such programs, leading to their insolvency.
\nIncreasing government bureaucracies and the promoting of labor unions shifted workers from agriculture.
\nDemonization of the wealthy and landowners and growing regulation reduced capital investment.
\nIncreased government economic control diminished free markets and lead to shortages and food riots.
\nDeficit financing and printed money brought inflation which peaked at 3,000%.
\nWealth taxes, 28% payroll taxes and a Value Added Tax couldn’t prevent collapse of the pension systems.
\nEventually, government obligations were all converted to defaulted government bonds.<\/p>\n

Our US Social Security and Medicare Trust Funds consist of unsecured by US Government Bonds.<\/strong>
\nAs our government is insolvent (in deficit), so too are the bonds in those trust funds.<\/p>\n

The trends and events from 20th Century in Argentina are with us today and accelerating.<\/strong><\/p>\n