Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By CoyotePrime (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

"Destroying America: It Is Being Projected That The U.S. National Debt Will Hit 99 Trillion Dollars By 2048"; A Comment

Wednesday, September 19, 2018 10:41

% of readers think this story is Fact. Add your two cents.

“Destroying America: It Is Being Projected That The U.S.

National Debt Will Hit 99 Trillion Dollars By 2048″

by Michael Snyder

“Temporary prosperity that is created by exploding levels of debt is not actually prosperity at all. At this moment, the U.S. government is 21.4 trillion dollars in debt, and we have been adding an average of more than a trillion dollars a year to that debt since 2009. And if we stay on the path that we are currently on, the trajectory of our debt will soon accelerate dramatically. In fact, as you will see below, the Congressional Budget Office is now projecting that the U.S. national debt will reach 99 trillion dollars by 2048 if nothing changes. Congressional Budget Office projections always tend to be overly optimistic, and so the reality will probably be much worse than that.

Of course we will never actually see the day when our national debt reaches 99 trillion dollars. Our government (and our entire society along with it) will collapse long before we ever get to that point. In our endless greed, we are literally destroying America, and emergency action must be taken immediately if we are to survive.

Debt always makes things seem better in the short-term, and it is always destructive in the long-term. When we go into debt as a nation, we are literally stealing from the bright future that our children and our grandchildren were supposed to have. Through the first 11 months of this fiscal year, the official U.S. budget deficit was $895,000,000,000, which means that we continue to steal more than 100 million dollars from future generations of Americans every single hour of every single day.

And it is important to remember that not all additions to the national debt are included in the official budget deficit. One year ago, our national debt was sitting at 20.1 trillion dollars, and that means that we have added an astounding 1.3 trillion dollars to the debt over the past 12 months. This is complete and utter insanity, and it must stop now.

Let me try to put this into perspective. Not too long ago, Venezuela was once one of the wealthiest countries in South America. These days, many Americans like to laugh at them, but we are on the exact same path that Venezuela has gone down. Eventually, the day comes when there is not enough of someone else’s money to spend, and suffocating levels of debt make the option of printing giant mountains of money too tempting to resist. At that point it is just a matter of time before the currency is destroyed and society devolves into chaos.

If current Congressional Budget Office projections area anywhere close to accurate, America’s date with destiny is rapidly approaching. The following comes from CBS News: “Under the new baseline incorporating recent changes in law, the national debt reaches $99 trillion in 2048 – equivalent to 152 percent of GDP. And the CBO is also projecting that our yearly budget deficit will go from one trillion dollars today to 6 trillion dollars by 2048: “The federal budget deficit is expected to break through a trillion dollars in 2020 and never look back, reaching $2 trillion in 2032 and $6 trillion in 2048.”

But like I said, we will never actually get there, because our society will collapse by then. So we only have a limited amount of time to save America, and the clock is ticking.

At this point, the total amount of U.S. government debt held by the public has already surpassed all household debt: “Debt held by the public will top $127,000 per household by the end of the year, according to JPMorgan. Personal debt per household will average about $126,000. “This is an astonishing statistic,” said David Kelly, chief global strategist at JPMorgan Funds. “Americans have a lot of debt. I always feel nervous signing a mortgage or a car loan. I think, can I afford all this debt? Then you realize the government is busy borrowing even more money on your behalf.”

I wish that I could get more people to understand just how serious this is. Do you know what the inflation rate will be in Venezuela this year? The IMF is projecting that it will be more than a million percent. Chaos is everywhere, crime is out of control and people are starving, and yet we refuse to learn from what has happened to them.

We just keep spending and spending, and we think that we have found the key to prosperity. But what we have really found is an accelerated path to economic hell. And it isn’t just the U.S. that is in deep trouble. The entire globe has been on a massive debt binge, and it is only a matter of time before this gigantic debt bubble implodes. The following comes from an excellent piece by Larry Elliott: ”The BIS says in its latest annual report that there are already material risks to financial stability. “In some respects, the risks mirror the unbalanced post-crisis recovery and its excessive reliance on monetary policy. Where financial vulnerabilities exist, they have been building up, in their usual gradual and persistent way. More generally, financial markets are overstretched, and we have seen a continuous rise in the global stock of debt, private plus public, in relation to GDP. This has extended a trend that goes back to well before the crisis and that has coincided with a long-term decline in interest rates.”

Behind the dry official language, the message is clear. A recovery that is based around high and rising levels of debt is really no recovery at all. The world economy is, in all material respects, the same as it was in the run-up to the 2008 crisis. The necessary reforms to a flawed model have not taken place, which is why the BIS warning should not be ignored.

On a personal level, have you ever gotten into debt trouble? At first, it was a lot of fun enjoying all of the new things that all of that debt bought, but the pain afterwards greatly outweighed the initial temporary prosperity. The same principle is going to also apply on a global scale. The U.S. government is now more than 20 trillion dollars in debt, and the entire globe is now more than 250 trillion dollars in debt, and a day of reckoning is coming.

The following comes from David Stockman: And it’s that $20 trillion, built up over the last two decades, that has basically distorted everything – falsified prices, repressed interest rates, caused an explosion of debt. Twenty years ago there was $40 trillion of debt in the world today there is $250 trillion worth of debt in the world. The leverage of the world has gone from 1.3 times, which is stable, to 3.3 times, which basically means the world has created a huge temporary prosperity by burying itself in debt.”

It would take an unprecedented effort to turn things around, but right now hardly anyone seems concerned about bringing all of this debt under control. So we continue to roll on toward our date with financial disaster, and most people are completely oblivious to what is about to happen to us.”

- http://theeconomiccollapseblog.com/archives/

A Comment: Folks, relax, first of all, about the title of this article. Snyder writes: “we will never actually get there, because our society will collapse by then. So we only have a limited amount of time to save America, and the clock is ticking.” A few considerations, if you please. Michael Snyder’s a very well informed, excellent writer, but carrying out a timeline to 2048 is absurd. The global economy in its entirety will have totally collapsed long before 30 years have passed to 2048. The cracks are everywhere right now, too many triggers and lit fuses to count, and any one of them brings down the whole house of cards. 30 years? We don’t have 30 months… far less, in my personal opinion. We shall see. I’d be 97 years old in 2048, so that date isn’t personally frightening since I won’t be around to see it anyway. Our children and grandchildren will be, hopefully, but their world will be totally changed from what we have now. World War III is a very likely possibility as well, past being prologue as it is.

As expected Snyder expresses cautious optimism when he writes about “a limited time to save America, and the clock is ticking.” Folks, understand this, these are facts: global debt exceeds $250 trillion, yes. What’s not mentioned is the very real global $2.2 quadrillion in derivatives that every financial institution on Earth is interlocked to each other with. “Fixing” that’s an impossibility. They will all fall like dominos, dragging each other to their doom, and we will all suffer the consequences. There is and can be NO “saving America” or anywhere else; “emergency action”- there is none. “The clock is ticking”, indeed it is, and nothing can change it. When, you ask? Much, much sooner than later, let alone 30 years…

I’ve used this video many times to illustrate what’s coming. An excellent, horrifying metaphor from the movie “The Perfect Storm”. The good ship World Economy encounters what’s coming…

Believe what you must, and have a pleasant day…
- CP

Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2018/09/destroying-america-it-is-being.html

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,599,910,811
Stories:	8,140,684