Last week the US national debt reached 35 trillion dollars, a mere seven months after the debt reached 34 trillion dollars
interest on the national debt will soon be the largest item in the federal budget, consuming as much as 40 percent of federal revenue. This is unsustainable.
Last week the national debt reached 35 trillion dollars, a mere seven months after the debt reached 34 trillion dollars. To put this in perspective, the national debt first reached one trillion dollars in October of 1981, almost 200 years after the Constitution’s ratification!
Those who pretend deficits don’t matter ignore the fact that interest on the national debt will soon be the largest item in the federal budget, consuming as much as 40 percent of federal revenue. This is unsustainable. The devaluation of the dollar resulting from the Federal Reserve’s efforts to stimulate the economy and monetize federal debt, combined with increasing resistance to US hyper-interventionist foreign policy, will lead to a rejection of the dollar’s world reserve currency status. When that occurs, there will be a major economic crisis unlike anything this country has seen since the Great Depression.
Unz Report
My credit card companies are threatening to cancel unless I use my cards with zero balances fro past 5 years.
Used one, received new terms of service:
35% INTEREST RATE
$41.00 late fee...
Why is no one outraged?
Isn't that literally Loan Sharking?
Now, if I cancel, I loose my high credit limit and access to credit in an emergency.
Something smells very rotten.
Nothing here! This is all part of the script tease of to burn the dollar down. Alot of money being made here. As I said the money was never made to be paid back. It has been a great party for many decades. Those interest had a great run.