Posted on 11/08/2023 8:57:31 AM PST by Kaiser8408a
The US economy is drowing in debt, going down, down, down.
US Federal debt just hit $33.71 TRILLION. And unfunded liabilities (promises from Uncle Spam) are now $211 TRILLION. That is 526% of the the current debt load. Which means either lots of additional debt, higher tax rates or cuts in entitlements.
The cost of US debt continues to soars as The Fed combats Bidenflation.
Livin’ La Vida Biden! And Bidenomics!!!
(Excerpt) Read more at confoundedinterest.net ...
Camel’s back is almost broke
I operate under the idea that all unfounded liabilities the government has promised me, social security, Medicare, etc. will be taken away before I am old enough to receive them. I feel similarly about holding government debt on a long term basis.
branDUHnomics
Our elected representatives don’t care about the debt.
The borrowing and spending will continue until it can’t.
Most likely they will just inflate and inflate and inflate.
You will get SS but your monthly check may just buy you one burger....
Inflation is driving up the costs of necessities (food, shelter, energy, taxes, medical care, transportation, etc.) and therefore eroding what little is left for discretionary spending.
Since consumer spending drives the economy, the rising costs of debt combined with the effects of inflation will eventually choke off economic growth.
People living on fixed incomes are going to be in for some financial hardship.
So what? I don’t have to pay for it my Grandchildren do. Besides, I don’t care because the ballgame is on and the hamburgers are ready.
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