Posted on 07/23/2023 10:05:00 PM PDT by cba123
The amount of total outstanding public debt on America’s balance sheet is soaring.
Newly updated numbers from the government’s FiscalData platform show the country’s debt has surged by $57.2 billion in just four days.
After surpassing the $32 trillion mark on June 16th, the total debt accumulated by the US has already jumped an additional $590 billion as of July 20th.
In a new interview on Bloomberg TV, billionaire investor David Rubenstein says the US can only manage its ever-increasing pile of debt with inflation, which will further expand America’s income inequality gap.
“When I left the White House under President Carter, the total indebtedness of the United States was under $1 trillion or roughly $800 billion. Now it’s roughly $32 trillion. There is no way out of that except essentially inflating your way out. We aren’t going to cut expenses in the government. We are going to increase tax that much. We aren’t going to go to a bailout. But the IMF, that’s not realistic. And we’re not going to default. The only alternative is to inflate your way out. So we’re going to inflate our way out, and that’s not a good problem for people at the lower income parts of our society as they deal increasingly less well with inflation than wealthier people do.
Rubenstein says America’s economic fundamentals are setting the stage for a mounting clash between those who have wealth and those who don’t.
(More at link)
(Excerpt) Read more at dailyhodl.com ...
Rubinstein. Look in the mirror.
“The only alternative is to inflate your way out.”
That is absurd and doesn’t work. In a high inflationary environment, everything the government purchases soars in price. All recipients of social security and transfer payments demand COLA adjustments. So government expenditures soar and you keep chasing your tail. Sure your current debt obligations get paid with devalued dollars, but that doesn’t cover current expenditures.
Communist coups carry catastrophic consequences comrades.
How do rich people deal with inflation?
Can ordinary middle class people mimic the rich people in this regard?
(Physical gold??)
And all the talking drones of the democrats will say, in unison, “Trump’s tax cuts for millionaires and billionaires.”
Inflation is always and ever a monetary phenomenon, but it is also a political one.
Once money or currency becomes untethered to any kind of standard or objective unit of account it is simply a matter of time. Monetary Inflation is a default, but it is spread out over time, and favors certain classes, namely the first people who get their hands on it to spend it.
It’s almost as if our nation’s leaders are all being controlled by our enemies.
.
Congress spends like Crazy.
They sure aren’t concerned about anything Debt related.
They can’t tell you where half of it goes.
Digital currency.
Yes
Zimbabwe here we come!
The elites think they can just retreat to their bunkers, and it won’t affect them. I think the people will find them, no matter where they are.
Wow. What a scene that was!
Scumbags at the expense of US sovereignty sucking at the teat of the US taxpayer — current and future.
Should those scumbags be stopped by any means necessary?
What would CIC George Washington do?
A silver lining of the Great Replacement is that many Americans today won’t have descendants paying the bills for today’s expenditures; the replacements filling the country are providing the future contributors to the gubmint funds. That is why they are trafficked here to begin with; even now the NYC mayor is moving the single men out of the shelters and giving preference to the women (wombs) and children to keep the city populated.
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