Opinion: America’s ticking time bomb: $66 trillion in debt that could crash the economy

NY Post ^ | December 4, 2022 | By Stephen Moore

[Oldeconomybuyer]

Wake up, America. That ticking sound you’re hearing is the American debt time bomb that with each passing day is getting precariously close to detonating and crashing the US economy.

Businesses, consumers and especially the federal and state governments have become hooked on red ink as if it were crack cocaine. Two factors have fueled this borrowing binge: an era of low interest rates (that’s coming to an end) and falling real wages thanks to the 15% rise in prices of Bidenflation.

Let’s review the borrowing up-escalator that accelerated during COVID but hasn’t subsided.

The King Kong of borrowing is Uncle Sam. The national debt is $31 trillion when including Social Security’s and Medicare’s unfunded liabilities. That’s getting close to 150% of our national gross domestic product of $22 trillion. Some $5 trillion has been added in just the past three years. Balancing the budget seems like a pipe dream these days.

Next add state and local government debt and unfunded liabilities. The American Legislative Exchange Council estimates that at just under $6 trillion.

Now what about American households? The latest estimate for consumer debt is $16.5 trillion, per the New York Federal Reserve. Most of that debt is mortgages, but increasingly Americans are taking on debt for routine expenses to pay monthly bills like groceries and gas at the pump. Thanks, President Joe Biden.

[quantim]

“The King Kong of borrowing is Uncle Sam.”

Well, no in a word. Borrowing is an after-action.

The problem here folks is CONGRESSIONAL SPENDING and no balanced budget. That puts us in further debt before the money is even printed with nothing to back the currency up. Why do you think the crypto-currencies are so popular with Uncle Sam?

We only need another $969 trillion in debt to make it an even quadrillion.

Well we have now something that we can measure our national debt by, at $1 per mile in outer space distance would be 31,000,000,000,000 miles long/distant.

That would easily get us to the nearest star system, Alpha Centauri. Even travelling at the speed of light it would take years. In a car at highway speed it would take 40 million YEARS.

[EEGator]

There was a guy named de Tocqueville, or maybe Tytler, that figured out what would happen.

https://www.arkansasonline.com/news/2021/jan/07/editorial-no-matter-who-said-it/

[Trumpisourlastchance]

Expect your savings to be confiscated at some point.

[Taxman]

Ping

[Taxman]

Laz, thanks to LIEberal Democrats and LIEberal Republicans, and an ignorant electorate, WE ALL ARE SCREWED!

[allblues]

As I type this I am looking 50 and 100 trillion dollar notes on a bookshelf. I bought them at a coin shop for about $8 each. I have done a few show and tells with libtards using them, but a only a small percentage understand, not surprisingly.

[one guy in new jersey]

The Brandon administration probably wants to trigger a huge debt default.

[SaveFerris]

[Its $33 trillion PLUS $173 in unfunded liabilities.]

I was about to post that.

[SaveFerris]

[I was watching this Swiss wealth manager being interviewed on YouTube. He was talking about Central Bank Digital currency and the great reset, something he expects in the not too distant future.]

THIS - It's probably quite obvious to TPTB that a world-wide economic crash CANNOT be avoided. For the USA, the public debt and unfunded liabilities stagger the mind.

When (not if) the USA goes down economically, it will take down a good portion of the world (see 2008 as a prime example). For idiots around the world wanting to see the USA crash: Enjoy the reverberation; for it will be world-wide.

I expect (shiny side out) that virtually every government on the face of this Earth will go with something similar to CBDC. IMHO, this will be a short-lived precursor to a global DC and, in the middle of the 7 years of 'Peace and Security' - the Mark of the Beast which will be administered as: A Global Database of those authorized to Buy and Sell.

Sounds far-fetched? I submit there have been many calls for a "global database" of Covid-19 va666ine status. For years now.

[SaveFerris]

[trigger a huge debt default]

It would make Klaus Schwab happy with The Great Reset.

[bitt]

P

[SaveFerris]

In "A Thief in the Night" movie - Patty runs from grocery store to grocery store - but they only take "the economic mark" for payment - IOW, the Mark of the Beast. Maybe somebody can get a screen capture of the grocery stores she runs past (there were at least 2 IIRC, maybe 3) - Daniel1212 has screen captures from another movie in the series.

[tired&retired]

Agree. The article incorrectly states “The national debt is $31 trillion when including Social Security’s and Medicare’s unfunded liabilities.”

The unfunded liabilities are in addition to the $31 trillion.

[tired&retired]

We are beyond repair.

This country cannot tax enough to pay the intetest on the national debt.

[dennisw]

ping

[ridesthemiles]

THE ‘BIG GUY’ get 10%

[cymbeline]

“The debt will never be repaid - and it’s not supposed to be.”

Those with money and other assets will pay for it. Inflation will cause their money and assets to decrease in value. Value has been taken away from them to pay the debt.

Also, goods and service will increase in price faster than wages. This consequence is where the big guys take advantage of the little guys.

[dpetty121263]

I saw that movie before years ago, if memory serves it came out in the movie theaters briefly.

[Mr. Jeeves]

Pay back the debt with worthless paper. I don’t know when that’s gonna happen. But it’s gonna happen. It’s the only way out.

It is already happening. We have been sheltered from the effects to a certain extent due to the dollar's role as the world reserve currency. We may even see a short- to medium-term deflationary period as the rest of the world starts collapsing before we do. But the world - given zero reason to remain loyal to the clueless Biden Administration - will ultimately react by uniting behind an alternative currency.

For Americans, the inflation party is just beginning.

[Bob Ireland]

***There are ways out of this massive debt***

Issue a new currency -- ? ?

Any way you cut it the American dollar is finished. Fortunately, our masters have feathered their nests AND continue to do so (Ukraine).