Chuck Schumer and Mike Crapo, Lead Republican on the Senate Finance Committee, just took a trip to China, Japan and South Korea where people save money instead of spend it.
There is still plenty of time to spend hundreds of billions more on foreign wars before the collapse.
I had an old lefty economics professor who said, when asked about the national debt “don’t worry about it, we owe it to ourselves”.
Lol.
In the real world it turns out the poor and middle class “we” owe the money to the ultra wealthy and well connected “we”.
Now that the Demented WH pedophile is demanding that friggin’ freeloading “refugeez” be given credit cards and car loans it is about to get worse. These are friggin’ refugeez are not American citizens. When the hell are they scheduled to go the hell home? Refugee status is temporary, not permanent. Time for them to start the hike back home!
And I'm sorry to say that a storm of bankruptcy/insolvency is the only way our bloated, woke, politicized government will change - ala the former Soviet Union. They finally collapsed when even the most fervent communist deep-state apparatchik in the capital realized their corrupt system was completely bankrupt. The deep-state in Washington DC is no different
You would never know it by the looks of the stock markets.
Our gov't is INFESTED with TREASONOUS saboteurs and because they CHEAT we will NEVER have another Republican president.
I know! Lets start a war with everybody. That will solve the problem.
Monetary collapse here we come.
We saw it coming in 2020
But, but, but there’s no recession. It’s the best economy ever.
Fiat currency enables governments to create & spend money that doesn’t exist. Always ends in disaster. The only variable is how long it takes.
“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”
― Norm Franz
When Fitch downgraded the U.S. in August it expressed concern about the exploding debt to GDP ratio. They warned that it would be 118% in 2025. We have already blown by that number and are currently at an astounding 125%.
Can more downgrades by the ratings services be far away?
The SSTF holds $2.8 trillion in non-market, interest bearing T-bills, which are backed by the full faith and credit of the USG. The SSTF is part of the $33.5 trillion national debt as are the T-bills held by China, Japan, the Fed, and others.
Since SS has been running an annual deficit for some time now, i.e., benefits paid exceed revenue collected from payroll taxes, the shortfall is made up by cashing in T-bills held in the SSTF thru the General Fund. Although the GF redeems the T-bills, the National Debt is decreased by the amount of the SSTF T-bills redeemed. It is a wash. However, the SSTF will be exhausted in 2033.
So we doubled the national debt in about 3 years. How could that possibly cause a problem?
“Sorry for the bad weather report, but it’s about to get real stormy.”
I’m glad someone other than myself sees the storm clouds gathering. Too many people have normalcy bias and think that just because we have had such a long run of economic success in this country, the the good times will continue.
Strong men make good times, Good times makes weak men, weak men make hard times, hard times make strong men, ....and then it hopefully starts over again.
Of course, when you add evil men to the equation, the cycle may not always continue.