What would you say if I told you that Americans are nearly 60 TRILLION dollars in debt?
What would you say if I told you that Americans are nearly 60 TRILLION dollars in debt? Well, it is true. When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt. That is an amount of money so large that it is difficult to describe it with words. For example, if you were alive when Jesus Christ was born and you had spent 80 million dollars every single day since then, you still would not have spent 59.4 trillion dollars by now. And most of this debt has been accumulated in recent decades. If you go back 40 years ago, total debt in America was sitting at about 2.2 trillion dollars. Somehow over the past four decades we have allowed the total amount of debt in the United States to get approximately 27 times larger. This is utter insanity, and anyone that thinks this is sustainable is completely deluded. We are living in the greatest debt bubble of all time, and there is no way that this is going to end well. Just check out the chart…
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I think all of us know we are on borrowed time with this government. That is why they are arming themselves and consider us a threat.
ReplyDeleteMy grandchildren think I WAS alive when Jesus Christ was born.
ReplyDeleteIt could be a good thing to be debt if the interest is deductible and if there is a total collapse of the economic system in the US. Look at what happened when the housing market went south. People that owned their personal residences outright and had heavily mortgaged rental/spec properties walked away while keeping their homes. Some state laws protect the marital residence from judgements. An attorney that I knew who was facing a multi-million dollar lawsuit cashed in all his investments and purchased an estate with his wife for $50+ million to avoid having it subject to leon in the event that the plaintiffs won.
ReplyDelete