Point is that total debt is growing faster than GDP. There is no practical predictable point at which that will change, meaning it won’t be paid off ever until a crash.
The bigger point is that the interest payments are at some 20% of total spending, which in turn is at least 2x revenue. Near half of all revenue goes just to pay the interest! and that borrowed half of spending just serves to increase those interest payments. Won’t be long until all revenue is just obligatory debt service - an unviable position.
Sure my personal debt exceeds my net income - but I know that the car will be paid off in a few months, the house in a few years, and a hammerlock placed on any other excessive spending will assure that at some point in the near future all debt will be gone (save only that which may leverage greater income).
Debt > GDP, with no plan nor expectation to reduce debt growth to less than GDP growth, amounts to swiping the credit card until paychecks won’t cover the monthly minimums.
Looks like we’re reaching the tipping point.
Seems like it also, in this election.
Half of Americans are brain dead moron sheep.