Let's talk about currency & companies and peas & carrots....

American capitalism is backed by mutual, insurance, pension, retirement savings and deposits in Federal Reserve Banks and their loan portfolios containing Treasury Notes and Bonds. China and Japan also hold bonds so they can trade with the US. Other overseas bonds are held by capitalists in tax havens - lots of whom are American billionaires. The top 1% hold half the mutual and bond holdings and 25% of longer term assets. families making less than $150K per year (this includes retirees, not so much for most workers) hold about a quarter of the bonds and mutual funds and less than half of the long term investments. Those with incomes between $150K and $500K hold the remainder - roughly a quarter of the debt held in any account. Those are the people who will later hold all of the assets retirees hold. 

People who labor have nothing. Not even cash. They are owned by capitalists. They do not own capital. The only thing they do own is their share of the debt held by the Social Security and Medicare Trust funds. These are the funds the GOP wants to force more money into from workers. 

What is my source for this analysis. The Survey of Consumer Finance held every three years by the Federal Reserve. Last reported survey is 2019 (pre pandemic). There was a survey gathered last year that will be reported about a year from now.

The GOP members and staff who are playing with debt default are essentially putting their donor base at extreme risk. They are either bluffing or stupid. My guess is the latter.

This Old Building Material is New Again

Cooperative employee-owned firms could order this - and even have a division that builds homes for members and clients using this material.

Capitalism Doesn't Need Consumers | Economics Explained

The economic model for the future will be employee-ownership, where the owners democratically elect their leaders, provide a financial system based on standard labor hour debt and control of the means of consumption. There will be economics outside these cooperatives, but the will use standard labor hour exchange rather than cash. Another aspect of this, one that will provide for more children and continued labor, is habitats where people produce their own food with AI assist and artificial meat which would be 3-D printed and use lab grown meat protein, bone, blood and fat.

People will balance their labor hours and out for habitat production and maintenance, as well as for healthcare - which would go beyond modern medicine. As long as doctors and nurses must work, everyone must work. Areas for work will include space exploration and education provided on a global basis.

How is the transition to occur? Shift capital gains taxes to an asset value added tax, with zero rates for sales to employee-owned and cooperative enterprises. No mass confiscation is necessary - just heirs deciding to cash out fortunes to the workers to avoid paying taxes on asset sales.