On current trend, the government will default on its debt in 20 years. If trends worsen, it could happen before then. From Schiffgold at schiffgold.com:
The U.S. national debt is at 34.7 trillion dollars. If you laid that many dollar bills end-to-end, it would wrap around the Earth 134,599 times. That’s enough to travel to the sun and back 17 times. Suffice it to say, we’re in a pickle.
America is slowly approaching the precipice of debt default. This is no minor dilemma. A default could cause approximately 8 million jobs to be lost. In other words, the bill would come due.
For many politicians, the debt crisis is not a pressing concern. At least not enough to take measures to fix it. The Biden administration passed a 1.2 trillion-dollar infrastructure bill in 2021, adding 256 billion dollars to the budget deficit over the next ten years. Biden has also forgiven 167 billion dollars in student loans during his tenure, which was financed through increased government spending. Despite already being one of the most indebted countries in the world, politicians continue to dig the U.S. into an even deeper hole. The problem is not simply a monetary one. There is an ideological battle underlying our descent into debt.
A simple expression of the magnitude of the problem is to specify debt per population head.
34 trillions is to be paid back by 340 millions population heads, that requires each head of population to pay back 100,000 US dollars.
If the debt is 100% to American then US Treasury can devalue its dollar and defraud the lenders. If part of the debt is to foreigners then it may be in gold or in foteign currencies, in that case devaluation of US dollars does not work for non-dollars debts.
Pingback: The Ideological Battle Behind the U.S. Debt Crisis, by Schiffgold — Der Friedensstifter
One trillion in debt added every 100 days isn’t fake.
It will be sooner than the wildly optimistic 2032 and 20 years scenarios.
All sides know that this will never be paid back and WWIII is baked into the cake with no vote on it.
All of that BlackRock Omni Consumer Products you will own nothing and like it is kabuki to show that they are trying to pay it back?
Fairy tale delusions of muh demockcracy, we’re all in this together, mom and apple pie civnattery and can’t we all just get along are die hard but they will burn to the ground.
@ TT2015, I don’t have $100,000 to give them but they are welcome to several penny rolls and I am a little over half way to a wheat penny roll!