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The House of Representatives is taking action this week intended to end an abusive Internal Revenue Service (IRS). On Wednesday (April 20), the House passed H.R. 4885, the IRS Oversight While Eliminating Spending (OWES) Act of 2016. This bill would require the IRS to make fees collected from taxpayers subject to Congressional oversight for the first time.

What happens when a government is so far in debt it borrows to pay interest on its debt only to find it needs more layers on its debt pyramid to remain solvent?

If you are the U.S. government, you crank up the printing press. If you are like my home state of Arkansas that found itself in financial disarray and defaulted on its bonds in 1933, you take your lumps, get a poor credit rating, restructure with caveats like a balanced budget requirement, and methodically climb your way out to rebuild your economy.