The National Debt Clock is flashing a major warning, Red Alert! this morning while working on another article I happened to glance at this indicator and recoiled in horror. While most people are aware the national debt has exploded, it brought my focus back to this subject. Many of us that watch the economy closely are still trying to get our heads around the rapidly unfolding covid-19 crises and the impact of trillions of dollars flowing into the financial system. America's debt has soared past 25 trillion dollars and is now expected to leap by several more by the end of the year.
All this, of course, is in play even before it was announced that House Democrats have powered through the House another $3 trillion coronavirus relief bill. It is described as an election-year measure designed to brace a U.S. economy in free fall and a health care system struggling to contain the pandemic.
This debt surge would have been unimaginable just a year ago. The clock provided by US Debt Clock.org provides a great deal of insight and information. a seldom and underused feature appears on the right-side of the top line, it is labeled "Debt Clock Time Machine." When you click on it you are provided with a view of where the debt and a slew of data for several periods in the past. It also provides a view of current expectations four years forward.
While it can be difficult to sort out much of this information, it is very helpful in identifying trends. With this in mind, it is important to note that the number of people living on government transfers of wealth has grown over the decades. Since the massive disruption in the economy resulting from the government’s response to covid-19 is likely to lead to a deep recession or depression marked by reduced dividends, an end to buybacks, and softer growth. The Trump administration's decision to jump into the breach by signing the CARES Act, a $2.3 trillion relief package, is another indication that his answer to such an economic disaster is mega-spending on hand-outs and social projects.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
14 comments:
Big deal. Just call the Treasury and tell them to roll another $3,000,000,000,000 in dollar bills off the printing machine. Problem solved.
Right on schedule, hillary's election be dammed. Daddy bush starts a war, Clinton paid off DEBTby stealing Social security funds/equity, bush comes along starts another war over the 911 physc op.RUNS UP TAB AGAIN!!.obama comes in mucks up the system with seditious swamp unelected trash RUNS UP THE TAB..trump gums up the gears...BUT deep state decides on this crisis..very determined to ruin USA. It has to happen in order to impose a NWO. TRUMP had no choice
Just like like NO Deep State person will ever be held accountable, No one plans on the National Debt ever being a concern again.
Our country is gone - stick a fork in it.
There should be NO Natl Debt anymore !!!
Make China Write off & Forgive ALL Debt !!!! They OWE us !!!
Yeah, but those that don't have a true clue cuz they're only worried about opening up immediately, throwing Obama in prison, 1st and all the amendments, me me me will have a V8 soon enough.
This "game" is only in the 1st quarter. By the time its halftime folks will say:
WHHHHHHHHHHAAAAAAAAAAAAAAAAAAAA HAPPENED - and it will already be too late.
We all will be paying the piper very very soon and there will nothing any of us can do about it....rights or no rights.
939...Clinton paid little, but he was the last one who balanced a budget with Congress (actually made or saved money for one fiscal year) - but the debt continued.
Hell, my math is awful but I want to say he balanced the budget in 1995 or 1996. You all with degrees, tally up how many years ago that was. I will help..OVER 20+ years ago.
Yeah, no chix poop!
939 Obama mucked up the system? LOL Obama dealt with a world wide economic recession of historical significance. Economy went on a tail spin before a single vote was cast for Obama. As one expects, federal receipts tanked.
Now, juxtapose that fact with your opinion on Trump. Prior to COVID, the man pushed through policies that blew a huge hole in the debt. He has been the one advocating for policies during COVID that shut down the economy nationally.
Put these together, and basically you are telling us that it was Obama's fault the recession that he had not control over makes it his fault for the deficit. But yet you have a COVID response that Trump was totally in control of, as well as actions taken before COVID, yet "Trump had no choice".
You guys are seriously lost in the sauce.
It's over Johnny , it's over!!!!
Bad news, it wasn't looking too pretty before the virus hit either..
How did clinton balance budget? Stole SSN equity so now its to is part of the debt...obama inherited the resukts he pushed it ip as planed..trump not playing there game..so No it was a tag team match up until Trump showed up. Now The referee is looking now.
Clinton Balanced the budget when Newt Gingrich passed the contract with America which Clinton vetoed twice. When the contract with America passed with a veto proof majority Clinton signed it and then proceeded to take credit for it as a true lying cheating P.O.S. dumbocrat always does.
All currency is issued as a debt to the 13 families who own the Central Banks (Fed, ECB, BOE, BOJ, ECPOB)
Easy enough.Open everything up and let herd immunity take over.Should have done that to begin with.We would have saved trillions.Now the federal government will have to write the American public national debt segment (2/3rds) off in a bankruptcy.That would leave 10 trillion plus still owing to foreign countries but it would be a manageable debt.
The USA is bankrupt, printing dollars, “Fed Reserve Notes” like there’s no tomorrow. The a Petrodollar is dead, get Gold and Silver while you can and before the crash!
Post a Comment