what would happen if we had no government?
Answers
Explanation:
Absent a federal government, there would be no reason to deduct federal taxes from wages, so workers' paychecks may be larger. Likewise, less overarching and overlapping tax and regulatory burdens could translate into lower prices on store shelves. On the other hand, Social Security and Medicare benefits would stop.
Answer: Whenever Congress and the president lock horns over a vital national interest, it is easy to declare "a pox on both their houses" and reflect fondly on those nonexistent days when government worked brilliantly. This time though, the public mood is a little different. Self-defined libertarians, pseudo-anarchists, Tea Partiers and other formerly fringe groups have come into national prominence by openly questioning the federal government's scope and role in America.
As a thought exercise, then, consider what would happen if there was no federal government anymore. For purposes of this experiment, assume that one day government just disappears - the people still exist and the infrastructure is there, but the laws, rules, systems and policies disappear. Admittedly it is an outlandish scenario, but what would life in the United States look like?
U.S. federal debt is the largest single investment instrument in the market, and the disappearance of a federal government would have everyone scrambling to figure out who, if anybody, would honor that debt. Moreover, since each and every U.S. dollar is essentially a debt instrument backed by the "full faith and credit of the U.S. government", what would that be worth (and also, of the billions of dollars of reserves held around the world in U.S. dollars) with no U.S. government?
Suffice it to say, the equity markets would also go absolutely haywire. So much of what is taken for granted in business - including taxes, regulations and the smooth operation of interstate and international trade - is facilitated or overseen by the federal government, and nobody would have any immediate answers as how that would continue. Likewise, what would happen to corporate profits if the federal government vanished as a customer? In such an environment, gold and silver would likely skyrocket, as speculators reassured themselves that precious metals would always be worth something in trade.
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