U.S. Debt Was $19,947,304,555,212 On Jan. 20th… You’ll Be Stunned At Where It Is Now. - Page 2
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Thread: U.S. Debt Was $19,947,304,555,212 On Jan. 20th… You’ll Be Stunned At Where It Is Now.

  1. #11
    Join Date
    May 2013
    Location
    California
    Posts
    330
    Funny to hear people say "WE DESERVE BLAH BLAH" but you know, if you bother trying to explain the math, they will shut it out real fast.

    Even the Social Security Agency and Medicare Boards of Trustees admits it will not be able to continue doling out benefits as it has. Look at the most recent report straight from the website (yes it's still up) of the Social Security and Medicare Board of Trustees.
    https://www.ssa.gov/oact/trsum/
    (As posted from July 2016, but it hasn't changed.)

    Just a portion of the dire warnings they issued quoted here:

    "The Trustees project that the Medicare Hospital Insurance (HI) Trust Fund will be depleted in 2028, two years earlier than projected in last year's report. At that time dedicated revenues will be sufficient to pay 87 percent of HI costs. The Trustees project that the share of HI cost that can be financed with HI dedicated revenues will decline slowly to 79 percent in 2043, and will then rise gradually to 86 percent in 2090."

    So: Medicare reimbursements will decline to to 87% of current levels (at current budget, by 2026, or by other estimates and being more optimistic, by 2028).

    And that assumes the whole thing doesn't crash into the sand in 2028. Can anyone in their right mind even imagine Medicare existing in 2090? I for one don't think it will be around at that time.

    What did they say about Social Security? Quoted in part:

    "After 2019, interest income and redemption of trust fund asset reserves from the General Fund of the Treasury will provide the resources needed to offset Social Security's annual deficits until 2034, when the reserves will be depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2090."

    In other words:

    Social Security is funded by two trust funds -- one for retiree benefits and one for disability benefits. The 2034 date is the exhaustion date for both funds when combined. But if considered separately, the old-age fund will be exhausted by 2035, after which it would be able to pay just 77% of benefits. This is common knowledge, admitted openly even by the Social Security and Medicare Boards of Trustees, it is not some arcane calculation that someone pulled out or invented for political convenience.

    Medicare will run out by 2026 under current budgets. "But what about the budget President Trump just proposed," you might ask?

    The SSA budget is actually increased in the President's proposed budget. Regarding Medicare: Funding from the Hospital Insurance and Supplementary Medical Insurance trust funds for administrative expenses incurred by the Social Security Administration that support the Medicare program are included in the Health and Human Services total and not in the Social Security Administration total. The President’s 2018 Budget requests $69.0 billion for HHS, a $15.1 billion or 17.9 percent decrease from the 2017 annualized CR level, but for the Medicare and Medicaid components, the Budget proposes HCFAC discretionary funding of $751 million in 2018, which is $70 million higher than the 2017 annualized CR level. The states are thus given more discretion in the President's budget for how all this will flow into Medicaid, but in any event, in both SSA and HHS / HCFAC (Medicare / Medicaid) have increased in the President's proposed budget.

    In the longer term the President will have to look at Social Security and Medicare more seriously with an eye to a more firm reform if they are to remain solvent, because simply tossing more money at them will not fix the problems which have put them on a track to become insolvent.

    DO NOT PLAN ON RELYING ON GOVERNMENTAL BENEFITS AFTER 2026 IF YOU ARE CURRENTLY ON THEM. If you currently rely on them or plan on relying on them you should also be aware your state will likely at least TRY to SEIZE YOUR PROPERTY AND ASSETS as part of "Recovery" (even if they may not be formally allowed to) due to your participation in said government programs.

    Regarding CA, Medi-Cal "Recovery" is complex, but CA does do it. Consult your lawyer for how it works and to who it applies. In general:

    Estate Recovery (Under age 55), Expansion Medi-Cal (Never), Traditional Medi-Cal, yes if beneficiary institutionalized


    (Age 55 and older), All Medi-Cal costs except personal care under IHSS (expansion and traditional Medi-Cal)

    Liens - yes, home liens during life of beneficiary, Expansion (Never) and Traditional Medi-Cal - yes, for all Medi-Cal costs if beneficiary institutionalized and not expected to return home ,

    Caveats and Exemptions

    If a spouse survives the beneficiary, estate recovery is postponed until the death of the spouse.

    If a minor child or disabled adult child survives the beneficiary,
    there is no estate recovery ever,
    even if the child does not reside in the home.

    Hardship exemptions are available in a range of cases, including for caregivers or people with disabilities living in the beneficiary’s home, as well as for certain low-income individuals and other situations.

    Medicaid

    Although in Washington there is "Medicaid Recovery," a Medicaid recipient’s home is generally an exempt asset in most states, meaning that it will not prevent eligibility as long as it remains the recipient’s home. If the home is sold, the asset is converted to cash, which is not exempt, meaning that it might prevent the recipient's father, for example, from remaining eligible for Medicaid. Generally this will not require a repayment to Medicaid for the outlays it has already made on behalf of the recipient's father, but the proceeds would need to be spent or otherwise protected before the recipient's father could resume receiving Medicaid benefits. This is just one example and there also are other various rules which differ by state which would impact father, mother, son(s), daughter(s), and so forth, in different ways depending on what a recipient does or does not do. So you want to be sure you have good legal advice on what kind of payback might be required at the time that the owner of a home passes on —including if the next of kin decides not to sell the house. In other words, consult a lawyer on the matter soon, so that you know what will happen later and can plan accordingly.

    Medicare (The answers to the questions are oriented to those living in CA, consult with your lawyer regardless of what state you are in regarding "recovery" processes for Medicare in your state)

    Do you have to pay back Medicare for medical expenses associated with a personal injury claim? Also, does Medicare have to be paid back after a family member dies?

    Yes, you would have to pay back Medicare for medical expenses associated with a personal injury claim. Regarding whether or not Medicare has to be paid back after a family member dies that is on or was on Medicare, speak with a probate attorney in your area. The family is not responsible, but there may be a lien that will impact the estate, as well as the likelihood of the family receiving distributions. There may be some opportunity to negotiate the lien.

    Should I name my living trust as the beneficiary for life insurance or retirement accounts? What does the State consider an "estate?"

    No, you should not name your living trust as the beneficiary. If you do, it is like naming the estate as the beneficiary, since living trusts are subject to recovery, and the state will be able to recover from these assets. Always directly name the person or persons you would like to be the beneficiary of your life insurance or retirement accounts. The State considers an "estate" almost everything you own.

    What in the world? Are there any better states to retire in than California?

    Yes, there are. California's well documented as one of the 10 least tax-friendly places for retirees (see this Kiplinger State-By-State Guide to Taxes on Retirees). You'd be much better off heading for Nevada, Idaho, Montana, or Wyoming.

    Sources for the above information:

    California Medi-Cal Estate Recovery
    http://www.chcf.org/~/media/MEDIA%20...eryMediCal.pdf

    Will we Have to Pay Back Medicaid?
    Will we have to pay back Medicaid? (Medicare/Medicaid)

    Do I have to Repay Medicare from My Personal Injury Settlement?
    Albuquerque Medicare Attorney :: Do I Have to Repay Medicare from my Personal Injury Settlement? :: Rio Rancho, New Mexico Personal Injury Claim Lawyer

    Does Medicare Have to Be Paid Back after the Recipient Dies?
    https://www.avvo.com/legal-answers/d...so-380327.html

    Medi-Cal Recovery Frequently Asked Questions
    http://www.canhr.org/factsheets/medi...covery_FAQ.htm

    State-By-State Guide to Taxes on Retirees
    http://www.kiplinger.com/tool/retire...s-on-retirees/

    If you ever convert property / other assets to cash then you may want to consider using a financial institution (bank or non-bank) in a country that has not signed a FATCA IGA with the USA. Consider using an organization, such as Vaultoro, which has no FATCA reporting obligation or utilize a Non-FATCA bank like CFM Monaco 11 Boulevard Albert 1er in Monaco, which has an e-banking (online) solution). --> https://www.ca-indosuez.com/monaco/e...g-in-one-click
    Member, FPC - https://www.firearmspolicy.org/act/
    CZ-52 (Česká Zbrojovka vzor 52), M44 Russian w/Brass Stacker, & 80percenters
    HELP STOP ANTI-2A BILLS! COPY & SHARE THIS LINK: fundrazr.com/018flf

  2.   
  3. #12
    Quote Originally Posted by opsspec1991 View Post
    .
    In just one month under the Trump administration, the entirety of the debt has been cut by 0.1 percent ($12 billion — whereas former President Obama grew the debt $200 million in his first month.
    Try 0.06% per month.

    At this rate the debt will be retired in only 13,889 years.
    “Religion is an insult to human dignity. Without it you would have good people doing good things and evil people doing evil things.
    But for good people to do evil things, that takes religion.” ― Steven Weinberg

  4. #13
    Join Date
    Sep 2007
    Location
    Republic of Dead Cell Holler, Occupied Territories of AL, former USA
    Posts
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    Quote Originally Posted by Sagamore View Post
    We deserve social security and Medicare. If not then give me my money back I paid in for fifty years.
    Since the beginning of SSI and its related subsequent socialist programs, the money you paid in while working was transferred to already-retired or disabled Americans. You don't get the money that you paid in back, you only get money from current workers. Now explain how or why "we" (or you) deserve a share of the earnings of youngins' who will likely never benefit from the program(s) that have been in a technical state of bankruptcy for years. This is something I wrote about five+ years ago, but I've known the truth that I talk about in that link for probably 15 to 20 years before that.

    Note: Yes, I know this is a pretty old thread. But after you decided to jump to conclusions about me recently, I decided to see what I could find out about the truth what you actually think. Your comment above kinda struck a nerve with me, so the thread is resurrected to ask you to explain why you think you "deserve" any share of a 20 or 30-something's earnings just because you fell for the lie during your working life?

    It seems to me to be one thing to say you're going to take advantage of the income for as long as the system remains up and running, but there's no way in a free society that you "deserve" being paid by people who have no choice in the "donations" to the cause of keeping you fed and housed and with a few bucks to throw around if/when anything is left over.

    Maybe you can vote the failing system out of existence, and vote in one that will work and that doesn't rob Peter (young workers) to pay Paul (you). Please do let us know how such votes work out for you, OK?

    Blues
    No one has ever heard me say that I "hate" cops, because I don't. This is why I will never trust one again though: You just never know...

  5. Quote Originally Posted by freethink View Post
    Funny to hear people say "WE DESERVE BLAH BLAH" but you know, if you bother trying to explain the math, they will shut it out real fast.

    Even the Social Security Agency and Medicare Boards of Trustees admits it will not be able to continue doling out benefits as it has. Look at the most recent report straight from the website (yes it's still up) of the Social Security and Medicare Board of Trustees.
    https://www.ssa.gov/oact/trsum/
    (As posted from July 2016, but it hasn't changed.)

    Just a portion of the dire warnings they issued quoted here:

    "The Trustees project that the Medicare Hospital Insurance (HI) Trust Fund will be depleted in 2028, two years earlier than projected in last year's report. At that time dedicated revenues will be sufficient to pay 87 percent of HI costs. The Trustees project that the share of HI cost that can be financed with HI dedicated revenues will decline slowly to 79 percent in 2043, and will then rise gradually to 86 percent in 2090."

    So: Medicare reimbursements will decline to to 87% of current levels (at current budget, by 2026, or by other estimates and being more optimistic, by 2028).

    And that assumes the whole thing doesn't crash into the sand in 2028. Can anyone in their right mind even imagine Medicare existing in 2090? I for one don't think it will be around at that time.

    What did they say about Social Security? Quoted in part:

    "After 2019, interest income and redemption of trust fund asset reserves from the General Fund of the Treasury will provide the resources needed to offset Social Security's annual deficits until 2034, when the reserves will be depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2090."

    In other words:

    Social Security is funded by two trust funds -- one for retiree benefits and one for disability benefits. The 2034 date is the exhaustion date for both funds when combined. But if considered separately, the old-age fund will be exhausted by 2035, after which it would be able to pay just 77% of benefits. This is common knowledge, admitted openly even by the Social Security and Medicare Boards of Trustees, it is not some arcane calculation that someone pulled out or invented for political convenience.

    Medicare will run out by 2026 under current budgets. "But what about the budget President Trump just proposed," you might ask?

    The SSA budget is actually increased in the President's proposed budget. Regarding Medicare: Funding from the Hospital Insurance and Supplementary Medical Insurance trust funds for administrative expenses incurred by the Social Security Administration that support the Medicare program are included in the Health and Human Services total and not in the Social Security Administration total. The President’s 2018 Budget requests $69.0 billion for HHS, a $15.1 billion or 17.9 percent decrease from the 2017 annualized CR level, but for the Medicare and Medicaid components, the Budget proposes HCFAC discretionary funding of $751 million in 2018, which is $70 million higher than the 2017 annualized CR level. The states are thus given more discretion in the President's budget for how all this will flow into Medicaid, but in any event, in both SSA and HHS / HCFAC (Medicare / Medicaid) have increased in the President's proposed budget.

    In the longer term the President will have to look at Social Security and Medicare more seriously with an eye to a more firm reform if they are to remain solvent, because simply tossing more money at them will not fix the problems which have put them on a track to become insolvent.

    DO NOT PLAN ON RELYING ON GOVERNMENTAL BENEFITS AFTER 2026 IF YOU ARE CURRENTLY ON THEM. If you currently rely on them or plan on relying on them you should also be aware your state will likely at least TRY to SEIZE YOUR PROPERTY AND ASSETS as part of "Recovery" (even if they may not be formally allowed to) due to your participation in said government programs.

    Regarding CA, Medi-Cal "Recovery" is complex, but CA does do it. Consult your lawyer for how it works and to who it applies. In general:

    Estate Recovery (Under age 55), Expansion Medi-Cal (Never), Traditional Medi-Cal, yes if beneficiary institutionalized


    (Age 55 and older), All Medi-Cal costs except personal care under IHSS (expansion and traditional Medi-Cal)

    Liens - yes, home liens during life of beneficiary, Expansion (Never) and Traditional Medi-Cal - yes, for all Medi-Cal costs if beneficiary institutionalized and not expected to return home ,

    Caveats and Exemptions

    If a spouse survives the beneficiary, estate recovery is postponed until the death of the spouse.

    If a minor child or disabled adult child survives the beneficiary,
    there is no estate recovery ever,
    even if the child does not reside in the home.

    Hardship exemptions are available in a range of cases, including for caregivers or people with disabilities living in the beneficiary’s home, as well as for certain low-income individuals and other situations.

    Medicaid

    Although in Washington there is "Medicaid Recovery," a Medicaid recipient’s home is generally an exempt asset in most states, meaning that it will not prevent eligibility as long as it remains the recipient’s home. If the home is sold, the asset is converted to cash, which is not exempt, meaning that it might prevent the recipient's father, for example, from remaining eligible for Medicaid. Generally this will not require a repayment to Medicaid for the outlays it has already made on behalf of the recipient's father, but the proceeds would need to be spent or otherwise protected before the recipient's father could resume receiving Medicaid benefits. This is just one example and there also are other various rules which differ by state which would impact father, mother, son(s), daughter(s), and so forth, in different ways depending on what a recipient does or does not do. So you want to be sure you have good legal advice on what kind of payback might be required at the time that the owner of a home passes on —including if the next of kin decides not to sell the house. In other words, consult a lawyer on the matter soon, so that you know what will happen later and can plan accordingly.

    Medicare (The answers to the questions are oriented to those living in CA, consult with your lawyer regardless of what state you are in regarding "recovery" processes for Medicare in your state)

    Do you have to pay back Medicare for medical expenses associated with a personal injury claim? Also, does Medicare have to be paid back after a family member dies?

    Yes, you would have to pay back Medicare for medical expenses associated with a personal injury claim. Regarding whether or not Medicare has to be paid back after a family member dies that is on or was on Medicare, speak with a probate attorney in your area. The family is not responsible, but there may be a lien that will impact the estate, as well as the likelihood of the family receiving distributions. There may be some opportunity to negotiate the lien.

    Should I name my living trust as the beneficiary for life insurance or retirement accounts? What does the State consider an "estate?"

    No, you should not name your living trust as the beneficiary. If you do, it is like naming the estate as the beneficiary, since living trusts are subject to recovery, and the state will be able to recover from these assets. Always directly name the person or persons you would like to be the beneficiary of your life insurance or retirement accounts. The State considers an "estate" almost everything you own.

    What in the world? Are there any better states to retire in than California?

    Yes, there are. California's well documented as one of the 10 least tax-friendly places for retirees (see this Kiplinger State-By-State Guide to Taxes on Retirees). You'd be much better off heading for Nevada, Idaho, Montana, or Wyoming.

    Sources for the above information:

    California Medi-Cal Estate Recovery
    http://www.chcf.org/~/media/MEDIA%20...eryMediCal.pdf

    Will we Have to Pay Back Medicaid?
    Will we have to pay back Medicaid? (Medicare/Medicaid)

    Do I have to Repay Medicare from My Personal Injury Settlement?
    Albuquerque Medicare Attorney :: Do I Have to Repay Medicare from my Personal Injury Settlement? :: Rio Rancho, New Mexico Personal Injury Claim Lawyer

    Does Medicare Have to Be Paid Back after the Recipient Dies?
    https://www.avvo.com/legal-answers/d...so-380327.html

    Medi-Cal Recovery Frequently Asked Questions
    http://www.canhr.org/factsheets/medi...covery_FAQ.htm

    State-By-State Guide to Taxes on Retirees
    http://www.kiplinger.com/tool/retire...s-on-retirees/

    If you ever convert property / other assets to cash then you may want to consider using a financial institution (bank or non-bank) in a country that has not signed a FATCA IGA with the USA. Consider using an organization, such as Vaultoro, which has no FATCA reporting obligation or utilize a Non-FATCA bank like CFM Monaco 11 Boulevard Albert 1er in Monaco, which has an e-banking (online) solution). --> https://www.ca-indosuez.com/monaco/e...g-in-one-click
    Great post and you are correct that the CFTB will leave no stone unturned in their quest to bleed their constituents of any and all assets on their way to a socialist free for all. They are experiencing outmigration such that their only solution is to constantly tax anything and everything on their path to wealth redistribution.

    Ironically, they are seeing low income outmigration on an ever increasing scale so they are exporting their poor to other states along with middle class taxpayers and replacing them with very high income earners that can afford to pay accountants to offset their tax pain. I saw an article today that they have a bill proposed in their legislature to eliminate all fossil fueled conveyances by 2040. I guess Elon musk has lobbyists giving birth to lobbyists in that state.

    At some point in the next 40 years, CA will become the true two class utopia that they have always dreamed of. A disarmed, dependent, and despairing class of serfs and vassals and an all powerful, beyond questioning, overlord class to exploit their advantage to continuously expand their assets and influence.

    I think you are a CA resident so I hope you're either filthy rich, old enough to not care about that future, or leaving yourself. I lived there for a long while and it is both the greatest place and worst place I have ever lived. Again, great post. Link sent to me by a friend below⛈️

    http://www.ocregister.com/2017/04/23...d-intensifies/



    The Place to Be

  6. #15
    Quote Originally Posted by opsspec1991 View Post
    U.S. Debt Was $19,947,304,555,212 On Jan. 20th… You’ll Be Stunned At Where It Is Now.
    .
    On January 20th — Inauguration Day — the debt was resting at a $19,947,304,555,212.40, or $19,947 billion.
    .
    Today, the debt is $19,935,316,186,835.70, or $19,935 billion.
    .
    In just one month under the Trump administration, the entirety of the debt has been cut by 0.1 percent ($12 billion — whereas former President Obama grew the debt $200 million in his first month.[/url]
    .
    My Thoughts:
    .
    Sure looks like something is going the right way doesn’t it?
    And 10 months later it is 20,593 Billion up 3.3% in only 10 months. Gee is dear leader as bad at math as you are?

    Do you still think this is the 'right way'?
    “Religion is an insult to human dignity. Without it you would have good people doing good things and evil people doing evil things.
    But for good people to do evil things, that takes religion.” ― Steven Weinberg

  7. #16
    Quote Originally Posted by opsspec1991 View Post
    .
    My Thoughts:
    .
    Sure looks like something is going the right way doesn’t it?
    Well actually no it doesn't because it isn't.

    Reality: Today the Federal Debt is about $21,130 Billion. An increase of 6% in only 6 months.
    “Religion is an insult to human dignity. Without it you would have good people doing good things and evil people doing evil things.
    But for good people to do evil things, that takes religion.” ― Steven Weinberg

  8. #17
    Just an update.

    The U.S. Debt as of today is $21,130,804,062,854

  9. #18
    What about the wall? That’s going to eat up any deficit reduction. Ohhhhh . . . I forgot that Mexico is going to pay for that. Never mind . . . What about “Space Force?” That’s going to blow the deficit right back up. These are both examples of a waste of tax dollars. We have an Air Force that covers space-related warfare and I won’t even mention the wall . . .
    Lefties like guns, too . . .

  10. #19
    Join Date
    Sep 2007
    Location
    Republic of Dead Cell Holler, Occupied Territories of AL, former USA
    Posts
    7,761
    A percentage point or three rise in GDP will never be enough to lower the country's debt. The country has been running at 100%+ ratio of debt to GDP since at least near the beginning of Obama's second term. That means debt has been rising faster than the whole wad of GDP, and for years preceding that circumstance, economists were saying that the "point of no return" was in the 85% to 90% debt to GDP ratio, meaning that even if GDP were slightly out-pacing debt, the country would still be heading inexorably towards a crash.

    Taxes collected every year don't even cover the interest on the out-of-control debt this government runs. And $21+ trillion is hardly the extent of it either. Unfunded liabilities ("debt") is close to $114 trillion right now, over and above the $21+ trillion usually cited in these lame-brained discussions.

    This is just one more example of Trump either being a fool or of him taking credit for that which approximately 105 years of economic blunders have led this country to the brink of. He's a fool to tell people the economy is doing great when it's been in a slow crash and burn since the first raid on the non-existent SSI "lock-box" when politicians knew without a doubt that whatever "surplus" existed at the time could be used to stave off the system's defacto bankrupt state when baby-boomers started filling the rolls as the majority of "beneficiaries." As baby-boomers, we don't "benefit" from the system, we literally steal the forced contributions by young workers who will never see a dime back of what was stolen from them. Only in America. 'Murica! Right, ops?

    This is hardly a partisan rant. Both political "sides" bear responsibility, and so does the Supreme Court. What's "normal" today would've been deal-breakers to the signers of any or all of this country's founding documents. The economy is still a Category 5 crap-storm stagnating just offshore and waiting for the right winds of change to blow it across the country from sea to shining sea, and there ain't a damned thing Trump or any other president can do about it.

    Putting one's faith in one man or one political faction of men to fix it, is just as ignorant and uninformed as blaming one man or one political faction of men for the economic crash that will hit in almost all of our lifetimes. The economy has already crashed. The government, Fox News and CNNMSNBCCBSABC just hasn't told you about it yet. They all sell a helluva lot more soap when you're blissfully ignorant than when you are fully informed.

    Blues
    No one has ever heard me say that I "hate" cops, because I don't. This is why I will never trust one again though: You just never know...

  11. #20
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    ARIZONA-a short distance from the sun
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    Quote Originally Posted by BluesStringer View Post
    . What's "normal" today would've been deal-breakers to the signers of any or all of this country's founding documents. The economy is still a Category 5 crap-storm stagnating just offshore and waiting for the right winds of change to blow it across the country from sea to shining sea, and there ain't a damned thing Trump or any other president can do about it.
    The economy has already crashed. The government, Fox News and CNNMSNBCCBSABC just hasn't told you about it yet. They all sell a helluva lot more soap when you're blissfully ignorant than when you are fully informed.

    Blues
    Back in 1882, a wise man named James Lendall Basford noted that “a man in debt is a man in chains.” If that is true of an individual, what should be said for an entire nation in debt to the tune of 21 trillion dollars? Shockingly, that is exactly true of the United States today. And it gets worse: While the national debt has reached 21 trillion, when all forms of American debt are calculated, that figure escalates to a staggering 70 trillion dollars. As reported by The Economic Collapse Blog,(Why America Is Heading Straight Toward The Worst Debt Crisis In History) many people are laboring under the misapprehension that the country’s financial woes are a thing of the past, that the terrible effects of the 2008 financial crisis are no longer being felt, and that America is once more on its way to being great again. While there has certainly been a marked upswing in the economy of late, it is simply not sustainable to have the country’s national debt continuing to grow at a rate that outpaces its growth in gross domestic product (GDP).

    As the Economic Collapse Blog notes:

    Many people seem to believe that the debt imbalances that existed prior to the great financial crisis of 2008 have been solved, but that is not the case at all. We are living in the terminal phase of the greatest debt bubble in history, and with each passing day that mountain of debt just keeps on getting bigger and bigger. Those that are forecasting many years of prosperity to come are simply being delusional. Our current standard of living is very heavily fueled by debt, and at some point we are going to hit a wall. Lending Tree, a loan comparison website, warns that consumer debt on non-essentials like credit cards, and personal, vehicle and student loans, is likely to reach 4 trillion dollars by the end of the year. That’s a startling 26 percent of the nation’s income – a figure that has increased from 22 percent since 2010. (Related:https://www.naturalnews.com/052520_e...ert_China.html)

    The Economic Collapse Blog warns:

    We have never seen this level of consumer debt before in all of U.S. history. Just a few days ago I wrote about how tens of millions of Americans are living on the edge financially, and this is yet more evidence to back up that claim. At the same time, corporate debt has doubled since the financial crisis. This means that even the slightest downturn in the economy could leave thousands of businesses high and dry. (Related: https://www.naturalnews.com/2018-06-...d-country.html) And then there’s the United States government, which has steadily increased its debt load by an unhealthy trillion dollars a year since Barack Obama took office. Experts predict that this figure will double to two trillion dollars a year by 2028.

    CNBC reported last month:https://www.cnbc.com/2018/05/21/gold...-not-good.html

    The fiscal outlook for the United States “is not good,” according to Goldman Sachs, and could pose a threat to the country’s economic security during the next recession. According to forecasts from the bank’s chief economist, the federal deficit will increase from $825 billion (or 4.1 percent of gross domestic product) to $1.25 trillion (5.5 percent of GDP) by 2021. And by 2028, the bank expects the number to balloon to $2.05 trillion (7 percent of GDP). If we are to accept that those who are in debt are “in chains,” then we must accept that we are a nation enslaved, and drastic steps need to be taken as soon as possible to break free.

    Natural News
    ~ God Hates Religion ~
    But even if we or an angel from heaven should preach to you a gospel contrary to the one we preached to you, let him be accursed.

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