READ THE ENTIRE GOLDSEEK.COM ARTICLE HERE!
First, we hit a level of debt years ago that seemed astonishing at the time when the national debt topped one trillion dollars for the first time in over 200 years of being a nation. Recently, we hit an insane level where just the deficit that adds to the debt each year hit one trillion dollars a year. We, then, soared almost immediately right past that to where we had a trillion-dollar deficit more than twice a year. And now, we finally hit the outer limits where just the annual interest on the debt is a trillion dollars.
If anyone thinks we are not caught in a debt doom loop, consider this: we can only pay that interest by taking out more debt just for debt service. So, we’re forced to take out a trillion in new debt each year just to cover the interest on the old debt, and that amount is growing quickly. We’re swirling around the center of the drain so rapidly now that we’re seeing a trillion dollars in additional debt fly by with each revolution and making the revolutions multiple times per year.
To seal our doom, both presidential candidates are hell-bent on making sure we ramp up our debt spending. Trump promises to make even more massive tax cuts than those he did when in office last time. Harris plans to continue the “Build-Back Better Programs” of her present term as VP and fund a lot of new giveaways to help people buy houses and do other nice things (by using other people’s money—people not even born yet).
It’s a grand insanity flushed down the toilet of doom.
We’re in the final month of the present fiscal year, and we currently sit at $1.9 trillion for this year’s deficit. With the rest of the month to go, there is no doubt we’ll stack up that final tenth of a trillion and then some. To give you an idea of the speed at which annual deficits are now stacking up, that’s 24% more than last year, which was already horrendous!
CONTINUED…
If the US was a company or an individual, they would be shut down for trading insolvent and the Directors arrested…where are all the Finance reporters in the MSM? I talk to my mates as we’re watching football and none of them are even aware of it other than as a general concept, because the information sources they view have not identified it as the problem that it is!
Great article.