Bankruptcy is actually a bad term, since a government can't technically go bankrupt. But, as the Grace Commission under Reagan reported - we can reach a point where interest payments on the national debt exceed total tax revenue. In that scenario, you will either have hyperinflation or a major currency devaluation. Both of which would lead to severe economic conditions.

Regardless, you certainly won't take your chances by enlisting in the military.

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"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." - Schopenhauer