Every American Owes $100,000 in the National Debt
The former congressman claimed that he had no idea his boyfriend was running a male brothel and most people don’t know the government had racked up $34 trillion in debt.
Sometimes the things we do together are really the things being done to us.
Back in 2020, the national debt was at $26 trillion and that amounted to $80,885 for each of us. Now, after three years of the “adults” being “back in charge”, our share of the debt is $100,000 each. Or $100,696, if you want to be exact, and $257,275 per household.
In the four years since 2019, a whopping $12 trillion was added to the national debt.
During the subprime mortgage crisis, the national debt hit $10 trillion. In 2010, the Tea Party movement arose in response to an unacceptably high $13 trillion national debt and endless government spending. But by the time Obama was done, the national debt had nearly doubled to $20 trillion. And now here we are living large with an impossible $34 trillion debt.
Over the spring, Congress raised the debt limit to $31 trillion. In two centuries, Congress only tampered with the debt limit 58 times and then it raised the debt limit 21 times in this century.
Every time the debt limit is raised, the government gets permission to steal more money.
And when the debt limit is reached, a cry goes up that Congress is obligated to raise the debt limit or, as recent proposals would have it, abolish it entirely. But while Congress can get rid of the debt limit, which mostly exists for political virtue signaling, it can’t abolish the effects of debt.
Currently we’re at a debt that amounts to 125% of GDP and the Congressional Budget Office recently projected that by 2043, we’ll be at over 150% and by 2053, we’ll be at 192%.
This seems wildly optimistic.
The bad news and the good news is that nobody wants our debt. Foreign nations, including China, have been selling off their share of our debt, so have our own banks: some of which were partly brought down by all that paper. The Biden administration keeps printing debt to pay for the interest on all the debt that it already ran up and there are few takers.
Dumping $22 trillion in debt into a market already running the other way wasn’t smart.
Bonds offered at higher interest rates means that more of the debt goes to servicing the interest on the debt. We have a government of loan sharks offering us up to the world to be in hock to debts that we can never repay at escalating rates just so they can have more spending money.
Standard & Poor’s, Fitch and Moody’s have all issued warnings about the level of debt and the fiscal stability of the country. And they’ve all been ignored as just more background noise.
Politicians claim that each insane budget is really a series of “investments”. If these are investments, then the president is Bernie Madoff. What’s remarkable is how little such an enormous debt bought us. Unlike the catastrophic events that triggered past debts, we did not fight a major war or even suffer any economic calamities other than the self-inflicted kind.
$6 trillion in debt was added after we reopened the economy and stopped writing blank checks to every foreign scammer claiming that he was employing 1,000 workers in Des Moines, Iowa.
Bill Clinton introduced us to the $2 trillion budget, Bush to the $3 trillion budget, Obama to the $4 trillion budget and then $6 trillion spending sprees became the norm. Biden’s last proposed budget was $6.8 trillion. Another term will inevitably take us to a $7 trillion dollar budget and beyond. Each of those budgets claims that their spending sprees are investments that will be offset through economic growth once we fund lesbian pottery classes for everyone in Maine.
“I am inspired by America’s progress—and I am more determined than ever to keep our country moving forward,” Obama wrote on his $4 trillion budget request. And he certainly has.
We kept right on moving forward into debt at a rate no alcoholic in a liquor store could duplicate.
Obama promised that his 2017 budget would reduce the deficit by nearly $3 trillion. His budget, like every budget, was hailed as transformative, promising to solve our social problems, restore our technological edge, cure diseases and usher in world peace. None of that happened.
What are we actually getting for our money?
Biden’s Inflation Increase Act allocated $7.5 billion to be spent on electric car chargers for the small percentage of the country that owns a Tesla or some other overpriced and taxpayer funded electric junker. So far not one has been built. $6 billion will be sent to California to help build the high-speed rail to nowhere project which was supposed to cost $9 billion in the 90s and is currently budgeted at $128 billion. The train, of which not one mile of track has been built, promises to one day run at 220 miles an hour on solar power. But mostly by burning cash.
This is where our money goes. Billions of dollars are allocated to proposals developed by politically connected consultants which are then spent by the consultants on more consulting. Nothing ever gets built because then there would be less money to spend on conducting environmental reviews (by consultants) and reaching out to stakeholders (by consultants) and then lobbying for more money by explaining that all the other money had conditions attached to it that prevented it from being properly spent, but this time the consultants will get it right.
“Wake me up at any time in the middle of the night and ask me what they are doing, and I will say they are stealing,” Czar Alexander II reportedly once said.
We could have spent trillions conquering Canada, colonizing Mars or constructing a pyramid covering all of South Dakota that could be seen from space, and then at least we would have something to show for our money. Instead we bankrupted our children so that politically connected consultants could buy mansions while promising to save the planet from us.
America of 2024 combines the least appealing features of a kakistocracy, an oligarchy and a kleptocracy which holds elections to distract us from how much money is being stolen.
By the time the next election rolls around, a $34 trillion debt will turn into a $35 trillion debt.
“A billion here, a billion there, pretty soon, you’re talking real money,” Sen. Everett Dirksen had observed in 1962. That year the federal budget crossed $100 billion for the first time in history.
Today, $100 billion (or more accurately $110 billion) is what the Fed is spending to cover cash losses. No one has really paid much attention because $110 billion is hardly money anymore.
The new motto is “a trillion here, a trillion there, pretty soon, you’re talking real money,”
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The National Debt, is, the debt of a PRIVATE CORPORATION. WE THE PEOPLE owe, not one red cent of the National Debt, run up by lCongress and, the President of the defunct co RT poration that used to be located in Washington D.C. which, is NOT part of our Republic, or our Confederation of Sovereign Independent Nation-States…Us, “Citizens” do not have any agreement, or, contract with that or any corporation, promising to guarantee pay off, or be in any way responsible for any of their debt. To post and state that the U S population is on the hook for $100,000 is incredibly naive, as well as unbelievably irresponsible.,.you should be careful about saying what you think and assume, versus, what is factual and able to be verified…
The National Debt, believe it or not, was PAID OFF, in September, $33.1 TRILLION…Where did they get that…? From the 650 C-130 Hercules plane loads of GOLD, Trump had the military bring back from the Vatican, which was stored in the first 150 miles of the 1500 mile tunnel that went from the Vatican, to, Jerusalem…
Funny how many said that it will never be could never be paid off…but, we needed to transition to a new economic system, and, had to close out the old one…the 9ld one is gone…exchange your Fed Reserve notes for Treasury Notes, by Feb 20, or be holding some old worthless paper, just like confederate money…
Every time you create debt, you create credit instantaneously. Yet, there is nothing said about the now defunct corporations that borrowed (stolen) the money, owing the money. You erroneously state that the creditors owe the money to the debtors.
The national credit due to Americans, way exceeds your meager calculations.
BTW, the crown conglomerate corporations and the Vatican conglomerate corporations have all been foreclosed upon.
By Darwin all rights reserved
You people are stupid… You talk shit, we don’t owe this and we don’t owe that, but you own your government and allow them to bankrupt you and you all say nothing… You guys wouldn’t say sh!t if you had a mouthful, yet you know everything, we don’t owe, I don’t owe, … Do you think you live on planet earth for free? Do you think your government takes care of you for free? I know you believe that government you worship has your best interest in mind, so never get involved in any spending decisions that YOUR government makes… Shut up now and continue to go along to get along, that’s what you’re best at…
Keep talking sh!t, one day you’ll believe what you are saying… But your leaders not so much…