We are living in the greatest debt bubble in the history of the world. In 1980, total government and personal debt in the United States was just over the 3 trillion dollar mark, but today it has surpassed 41 trillion dollars. That means that it has increased by almost 14 times since Ronald Reagan was first elected president. I am searching for words to describe how completely and utterly insane this is, but I am coming up empty. We are slowly but surely committing national suicide, and yet most Americans don’t even understand what is happening.
According to 720 Global, total government debt plus total personal debt in the United States was just over 3 trillion dollars in 1980. That broke down to $38,552 per household, and that figure represented 79 percent of median household income at the time.
Today, total government debt plus total personal debt in the United States has blown past the 41 trillion dollar mark. When you break that down, it comes to $329,961.34 per household, and that figure represents 584 percent of median household income.
If anyone can make a good argument that we are not in very serious debt trouble, I would love to hear it.
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4 comments:
When it pops, here will be serious trouble. Be prepared.
The debt creation by Wall Street banks and the Federal Reserve Bank is criminal in every respect.
They are destroying the fiat US Dollar and doing it in short order.
The question is this: do they have a plan for "after the US Dollar" or are they simply making it up as they go?
Meanwhile savers have been utterly decimated by the inflation of the money supply through debt creation.
Prices of everything is rising much much faster than wages and this has caused the need for an increase in personal debt.
Average Americans simply cannot keep up with the price inflation. They have no choice but take on more debt.
The criminal bankers have engineered a debt slavery in America and it is truly tragic in every respect.
When it pops this time we all reset to zero. That or become slaves.
I know several people who should learn to live within their means.
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