Ruling Class Takes Aim at Social Spending to Offset Debt Mountain - Revolutionary Communists of America

Ruling Class Takes Aim at Social Spending to Offset Debt Mountain - Revolutionary Communists of America

As we go to press, the US government’s debt has reached $36.2 trillion and counting. That’s nearly 125% of the GDP in 2024—which means to pay it back completely, every American worker would have to work without pay for 15 months. When the banks failed in 2008, the capitalist class faced a crossroads: allow a collapse that would immediately lead to mass unemployment and unrest, or bail the banks out on our backs. They chose the latter, which ball…