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Disaster #1: America’s Empire of Debt by Sean Brodrick
If you think Americans are living a normal life, think again. Our entire consumer economy, lifestyle, livelihood — and nearly all our wealth — is predicated on one thing: DEBT.
The outstanding public debt is $12.3 TRILLION. The U.S. has a little over 307 million people. So that means every single man, woman and child in this country is responsible for $40,000 in government debt — over and above any money they have borrowed personally.
The government is now struggling to get the deficit back DOWN to $1 TRILLION dollars … and there’s little hope they’ll even accomplish that much.
Meanwhile, the public debt is increasing at a rate of $3.5 billion per day. And that’s just the public debt. Consumer and corporate debt add trillions more!
The Good-Time Charlies in Washington would have you think this party can continue forever. But now the bill is coming due, and the longer we put it off, the worse it gets.
How will it end? Only two scenarios are possible:
Washington will slash spending to the bone (and raise taxes till), sinking our economy into a depression. Or …
Washington will DESTROY the value of our money.
Except for a handful of Pollyannas with their heads in the sand, few experts think there’s any other alternative. For citizens and investors who are unprepared, it will be an unmitigated disaster lasting for many years.
If you think Americans are living a normal life, think again. Our entire consumer economy, lifestyle, livelihood — and nearly all our wealth — is predicated on one thing: DEBT.
The outstanding public debt is $12.3 TRILLION. The U.S. has a little over 307 million people. So that means every single man, woman and child in this country is responsible for $40,000 in government debt — over and above any money they have borrowed personally.
The government is now struggling to get the deficit back DOWN to $1 TRILLION dollars … and there’s little hope they’ll even accomplish that much.
Meanwhile, the public debt is increasing at a rate of $3.5 billion per day. And that’s just the public debt. Consumer and corporate debt add trillions more!
The Good-Time Charlies in Washington would have you think this party can continue forever. But now the bill is coming due, and the longer we put it off, the worse it gets.
How will it end? Only two scenarios are possible:
Washington will slash spending to the bone (and raise taxes till), sinking our economy into a depression. Or …
Washington will DESTROY the value of our money.
Except for a handful of Pollyannas with their heads in the sand, few experts think there’s any other alternative. For citizens and investors who are unprepared, it will be an unmitigated disaster lasting for many years.