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Does Anyone Even Care That The U.S. National Debt Will Soon Cross The 30 Trillion Dollar Mark?
March 3, 2021 by Michael Snyder
The bold below are my thoughts. All Republics, or democracies end when the politicians figure out they can give other people's money to protected classes in order to stay in power. And so the American Republic has fallen into the same trap as ancient Athens and Rome did, bread and circus's style mob bribes.
Once the howling mobs get the sent of endless money, history tells us it is game over. Now that the $1.9 TRILLION Stimulus/Pork bill is nearing passage, we will officially hit the $30 Trillion mark. It is ALL borrowed, printer, dumped out of helicopters money. And it will trigger Weimar level inflation. Biden is going to trigger a massive economic disaster, especially when the fiat dollar's global reserve status fails.
I didn’t think that this would happen. A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn’t think that it would ever get to 30 trillion. But at this moment the U.S. national debt is around 28 trillion dollars, and our politicians in Washington are about to pass a 1.9 trillion dollar “relief bill”. We are going to have to borrow every single dollar that we spend in that bill, and that will be on top of all of the “normal” borrowing that we are already doing. So by the end of 2021, the U.S. national debt will cross the 30 trillion dollar mark. I am sitting here searching for words that will do justice to how foolish this is, but I can’t seem to find any. We are literally in the process of committing national financial suicide, but fewer Americans seem to care about budget issues than ever before.
According to the Bureau of Economic Analysis, U.S. GDP declined to 20.93 trillion dollars in 2020.
So once our national debt crosses the 30 trillion dollar mark, our debt to GDP ratio will be surging toward 150 percent.
That is madness.
But most Americans are greatly in favor of the 1.9 trillion dollar COVID “relief bill” that is currently going through Congress, because it includes more direct “stimulus payments” to the American people.
Of course most of the money in the bill is not going directly to the American people. In fact, one analysis found that direct payments only account for about 35 percent of all money allocated…
But what does a billion dollars matter anyway, right?
After all, a stack of a billion one dollar bills would only be about a half mile high…
In order to get to a trillion dollars, you would need a stack of one dollar bills that would go beyond the orbit of the International Space Station…
The only way to keep the game going is to keep creating, borrowing and spending more money, and in the process we are literally wiping out the bright future that our children and our grandchildren were supposed to have.
Thomas Jefferson tried to warn us about the dangers of a large national debt…
We just had to keep spending money that belonged to our children and our grandchildren, and now we have accumulated the greatest mountain of debt in the history of humanity.
Jefferson understood that government debt was a way for one generation to steal money from other generations…
Just think about that.
What we are doing to future generations of Americans is beyond criminal.
Of course if we stay on the path that we are currently on, there won’t be an America at all.
Can someone out there explain to me how this story can possibly end well?
I have been asking versions of that question for years, and nobody has ever risen to the challenge.
That is because it is obvious to everyone that our story is going to end tragically.
In our insatiable greed, we are systematically destroying the United States of America, and we should be utterly ashamed of ourselves.
***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***
Lost Prophecies Of The Future Of America - Kindle edition by Snyder, Michael, Snyder, Meranda. Religion & Spirituality Kindle eBooks @ Amazon.com.
Does Anyone Even Care That The U.S. National Debt Will Soon Cross The 30 Trillion Dollar Mark?
I didn't think that this would happen. A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn't think that it would ever get to 30 trillion. But at
theeconomiccollapseblog.com
Does Anyone Even Care That The U.S. National Debt Will Soon Cross The 30 Trillion Dollar Mark?
March 3, 2021 by Michael Snyder
The bold below are my thoughts. All Republics, or democracies end when the politicians figure out they can give other people's money to protected classes in order to stay in power. And so the American Republic has fallen into the same trap as ancient Athens and Rome did, bread and circus's style mob bribes.
Once the howling mobs get the sent of endless money, history tells us it is game over. Now that the $1.9 TRILLION Stimulus/Pork bill is nearing passage, we will officially hit the $30 Trillion mark. It is ALL borrowed, printer, dumped out of helicopters money. And it will trigger Weimar level inflation. Biden is going to trigger a massive economic disaster, especially when the fiat dollar's global reserve status fails.
I didn’t think that this would happen. A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn’t think that it would ever get to 30 trillion. But at this moment the U.S. national debt is around 28 trillion dollars, and our politicians in Washington are about to pass a 1.9 trillion dollar “relief bill”. We are going to have to borrow every single dollar that we spend in that bill, and that will be on top of all of the “normal” borrowing that we are already doing. So by the end of 2021, the U.S. national debt will cross the 30 trillion dollar mark. I am sitting here searching for words that will do justice to how foolish this is, but I can’t seem to find any. We are literally in the process of committing national financial suicide, but fewer Americans seem to care about budget issues than ever before.
According to the Bureau of Economic Analysis, U.S. GDP declined to 20.93 trillion dollars in 2020.
So once our national debt crosses the 30 trillion dollar mark, our debt to GDP ratio will be surging toward 150 percent.
That is madness.
But most Americans are greatly in favor of the 1.9 trillion dollar COVID “relief bill” that is currently going through Congress, because it includes more direct “stimulus payments” to the American people.
Of course most of the money in the bill is not going directly to the American people. In fact, one analysis found that direct payments only account for about 35 percent of all money allocated…
And that was before Joe Biden and moderate Democrats in the Senate agreed to dramatically reduce the number of Americans that will qualify for payments…
Much of the money in the “relief bill” is actually going to go to “pork projects” that are favored by prominent Democrats. Here are just a few examples…
It looks like some of those “pork projects” won’t make it into the final version of the bill that gets signed by Biden, but there will still be billions upon billions of dollars of wasteful spending.
But what does a billion dollars matter anyway, right?
After all, a stack of a billion one dollar bills would only be about a half mile high…
A trillion dollars is another matter.
In order to get to a trillion dollars, you would need a stack of one dollar bills that would go beyond the orbit of the International Space Station…
We are trapped in an endless debt spiral that has accelerated greatly over the past couple of years.
The only way to keep the game going is to keep creating, borrowing and spending more money, and in the process we are literally wiping out the bright future that our children and our grandchildren were supposed to have.
Thomas Jefferson tried to warn us about the dangers of a large national debt…
But even though we were the wealthiest and most prosperous nation on the entire planet, we just couldn’t help ourselves.
We just had to keep spending money that belonged to our children and our grandchildren, and now we have accumulated the greatest mountain of debt in the history of humanity.
Jefferson understood that government debt was a way for one generation to steal money from other generations…
Since Barack Obama first entered the White House, we have been stealing more than 100 million dollars from future generations of Americans every single hour of every single day.
Just think about that.
What we are doing to future generations of Americans is beyond criminal.
Of course if we stay on the path that we are currently on, there won’t be an America at all.
Can someone out there explain to me how this story can possibly end well?
I have been asking versions of that question for years, and nobody has ever risen to the challenge.
That is because it is obvious to everyone that our story is going to end tragically.
In our insatiable greed, we are systematically destroying the United States of America, and we should be utterly ashamed of ourselves.
***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***
Lost Prophecies Of The Future Of America - Kindle edition by Snyder, Michael, Snyder, Meranda. Religion & Spirituality Kindle eBooks @ Amazon.com.
