- The Atlantis Report
US Debt More Than $27 Trillion, Bigger than The Economies of China, Japan, Germany and India Combined us national debt soaring.
On October the 2nd, The national debt has for the first time, surpassed the $27 trillion mark. America’s National Debt is now greater than the size of the economies of China + Japan + Germany + India combined. Too much government debt right now and no means to pay it off. We will be in for a heap of trouble, no matter whose in office come 2021. Our growing National Debt is an issue for families across the US. The $27 Trillion national debt amounts to $210 000 per household or $82 000 per person in America. If every US household contributed $1000 per month towards paying down the national debt, it would take over 17 years. The 27 trillion dollars national debt is enough to cover a four-year degree for every graduating US high school student for 66 years. The interest that we pay on the National Debt is now the fastest-growing part of the budget. Nearly 1 billion per day on interest payments on the debt.
Within ten years, the federal government will spend more on interest payments than research & development, infrastructure, and education combined. There was a time when the financial folks were fiscal conservatives. Times sure have changed. Why do our leaders still have jobs? Fire the Congress. The National Debt is so large that historically normal interest rates would CRASH the federal government as it tries to make its monthly interest payments. Normal interest rates would render worthless all the existing, ultra-low interest Treasury bonds, crashing all the big banks. As the Fed borrows and skyrockets the deficit into the stratosphere, and floods the system with every more artificially cheap money, consumers keep spending and borrowing. Zombies companies stay afloat as well. The Fed has destroyed price discovery, creative destruction, and free markets generally. All in the worship of Wall Street. Meanwhile, Mom and Pop retire cannot make any interest on their life savings and are forced to eat their seed corn or take their chances in the Wall Street Casino with the biggest everything bubble in history. The Fed painted itself into a corner and is now trapped. Oh well, at least we had that tax cut for the ridiculously rich, which did not trickle-down. This cannot go on much longer, and it’s going to end very badly. The music is about to stop, find a chair.