The United States government’s total public debt outstanding has reached $22.6 trillion with a few days left to go in the government’s 2019 fiscal year. And that is not taking into account any of the unfunded liabilities (politicians’ promises to steal money and redistribute it).
According to the Independent, usually, whenever anyone talks about the national debt, its size is compared with that of the U.S. economy, the largest in the world, which was estimated to be $21.3 trillion through the second quarter of 2019. Against that benchmark, the U.S. national debt is between 105 and 106 percent of the nation’s GDP. However, the debt to GDP ration may not be the best way to gauge just how much trouble the federal government has gotten themselves into,
Because the national debt is owed by the U.S. government to its creditors and must be paid back to them from its income (taxation in the form of theft and extortion), it would make more sense to compare the size of the national debt with the amount of money it takes in each year, which is predominantly made of up receipts from taxes.
With the national debt having risen so high with respect to the U.S. government’s revenues, is it wrong to consider that we are indeed experiencing a crisis in the current era? Especially with the government already collecting record high tax revenues. Does anything about this time really make it all that different from all the previous times of crisis when the burden of the national debt has risen so high? –Independent
How will this affect us? It’s difficult to say, except never expect the government to steal less of your money. The tax burden will continue to rise and the government will continue to consolidate their power to steal claiming altruistic means such as the Medicare for All scam. The biggest problem is that the money created out of thin air to provide the debt to the government continually becomes worthless making all the dollars you have worth less every day. The only thing we can do is get our personal finances in order.
I usually DON’T get my comments posted…so…??
I just loaned the US treasury a few thousands of dollars today.
it will get paid back with interest in two months.
I’ll get some of my tax dollars back. Thanks!
My future Social Security and Medicare isn’t as certain.
Yep, you will make what, 2% a bit more?, while everything you buy goes up 5% or better. Great “investing”. There is a very good and accurate reason that government debentures are known as certificates of guaranteed confiscation.
“Because the national debt is owed by the U.S. government to its creditors and must be paid back to them…”
You the nephew / niece must pay your debts or lose your credit rating and be cut off from more debt. Your Uncle Sam is not under the same restrictions and borrows to pay the interest on previous borrowing. Principal effectively ended August 1971 when the USD went pure fiat. As long as the USD maintains world reserve currency status the can just gets kicked further down the road. If / when the USD loses reserve currency status the resulting chaos will be a predicate for WWIII.
I wish we could insert graphs on this site. There is a very good one that shows debt as a function of earnings. The situation is not nearly as bad as it appears when just using the debt number. Big numbers out of context scare people easily.
Worrying about the US dollar loosing its reserve status is akin to worrying about the sun exploding. It will one day but not in our lifetime. There is simply no other currency to replace it and won’t be for decades at least.
Stuart
” It will one day but not in our lifetime. ”
WOW, clairvoyant.
It’s “death by a thousand cuts”, a nation here, a nation there. China a creditor is developing Africa. Think the USD is in their long term plans? Iraq, Libya and now Iran are predicated upon the oil peg (USD Reserve Currency For Oil) being maintained. When warfare is the tool to maintain USD Reserve Currency Status the writing is on the wall.
U.S. National Debt Has Hit “Crisis Levels”
You do know that the national debt will exceed $75 trillion by 2050. It must, as the total unfunded obligations ALONE exceed even that amount.
It can and it will. Print print print!!! Unless the USA can sell carbon dioxide to space aliens at $100 per breath.
Pretty good chance to exceed $30T by 2024. I would bet a sum on that.
10 percent per 12 to 16 month increases are HUGE once the numbers are past $30 trillion.
Someone alive in the USA right now, will live long enough to see the national debt exceed $100 trillion.
Crisis level will be when the cheap oil is gone, or WWIII, or Yellowstoner, or India beats Pakistan.
Heck, if any of the DEM-SOCIALISTS running wins the next erection, they will spend $100 trillion on food, drugs and shelter for everyone not white in the USA. LOL
Imagine no more ownership of anything private.
Imagine no more costs on anything you want.
Imagine never having to pay off any past, present or future debts.
Imagine evicting white people from their homes because you are a member of the victim class.
Imagine never having to work ever again [OK, some of the DEM-SOCIALISTS already have this one]
Imagine the total joy for the entire planet when all factories are shut down once and for all. CUM-BYE-YA
Vote DEM-SOCIALISTS. LOL
Amerika has accomplished this same basic feats as what you are saying, but in slow motion, ever since radical Republicans enacted Reconstruction upon the post-Civil War South.
Bert, they won’t be evicting anyone from their homes in rural areas, not if they want to live. 100 million gun owners will see to that.
The Deplorable Renegade
Historically the rural people are very law abiding. Rural foreclosures and evictions were common in the Great Depression as shown in, “The Grapes Of Wraith”, with Henry Fonda. Wall Street thieves, never charged, destroyed life savings with no violent response. Conversely a man was just killed over not giving $1 to thugs in Maryland. Certain groups are largely law abiding, certain groups aren’t. Rural people, religious by nature are very law abiding.
BTW, sooner or later they’ll end up defaulting on the national debt. No way it could ever be repaid.
The only thing we can do is protect ourselves from the economy fall. I’ve been stacking up bullion coins ever since the last recession and I love the Perth Mint Products. The newest product I got was this https://bullionexchanges.com/2020-1-oz-gold-lunar-year-of-the-mouse-coin The price was very good.
U.S. National Debt Has Hit “Crisis Levels”
The Crisis Level has NOTHING TO DO WITH DEBT. Debt is the CURRENCY that feeds the US CORPORATION; the more debt it has the healthier its DEBT/CURRENCY must make it. The so called “Crisis Levels” has everything to do with that fact that more and more people are waking up to the fact that from the day they were born the FED has paid for everything; and that is why you can never get a “BILL” because the FED gets the BILL and you can thus only get STATEMENTS … and if you the think the AMOUNT DUE on a STATEMENT means “DEBT” then you have been completely robbed from the day you were born. Demanding that a bank gives you the ACCOUNT (NUMBER, NAME AND ROUTING NUMBER) that funded debt and the VERY-DIFFERENT account payments are going into will vanish every and ALL DEBTS, PUBLIC AND PRIVATE. But please be warned: demanding that a bank gives you this information might make you realize that the LEGALESE LEGAL SYSTEM and the BANKING SYSTEM are run by the same criminals that have been robbing you from the day you were born.