Can we spend beyond our means forever?
Can we spend beyond our means forever? Let’s see, 31 trillion dollars times six percent is 1.86 trillion. That’s the interest on the nation debt. Add 5 trillion. Recalculate, now we are at 2.1 trillion in interest on the debt.
The real problem, taxes are not really covering what we are spending. The National debt is funded by banks that have money deposited in them. This money is from retirement funds.
You have to admit that retirees have saved for retirement for a lifetime and the money is there, they saved it. One problem, the banks have loaned the money to the Treasury. I’m not sure of the amount, but it must be between 31 trillion and 52 trillion.
It’s like Social Security, the money was collected and borrowed from the fund to finance the debts of the federal government. There is an IOU that’s declares, the money has been deposited to the SS fund. The trouble is, it has been borrowed by Congress and has been spent.
Basically, we have to ask one question, “How can our retirement and savings be there if it has already been spent?”
Technically it is there, because people only draw out small amounts and the government can cover the withdrawals. The Ponzi scheme is getting some sunlight. At what point does the house of cards collapse?
The retiree is not going to draw out their whole retirement amount, the tax rates would forbid it. But what if I told you, the money wasn’t there for everyone, It has been spent and you will not be able to recover it.
The Weimar Republic in 1923 ruined the monetary system of the German Republic. People’s savings were destroyed. History doesn’t remember much, but people well off, were left with nothing, their savings were gone.
Old people were reduced to scrounging trash cans for something to eat.
This could happen again only this time it will be in the USA. It kind of sucks, doesn’t it?
Source: http://greatdepression2006.blogspot.com/2023/06/can-we-spend-beyond-our-means-forever.html
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