A friend sent an article link to me yesterday that I decided to pass along via my post today. It is very interesting. The article is called “TIC: The most important report you’ve never heard of.”
I don’t know about you. It seems to me that we’ve been avoiding addressing our growing debt situation in the U.S. for way too long. Toward the end of the article, the comment about us being just a couple of weeks away from once again bumping up against our debt ceiling and yet seeing no structural concerns in the financial markets being displayed tells me we have largely become desensitized to the structural threats posed by our ever-growing national debt.
I guess the national debt is an unpleasant topic to bring up. However, it seems to me that we sure need to promptly discontinue our habit of “kicking the debt can down the road.”
See you next time.
Interesting article and video. Thank you for posting. Paul your readers might be interested to know that it took our nation 233 years (2009) to reach $10 trillion in debt. In 2015 the debt has increased $8+ trillion to $18+ trillion. It is projected our federal debt will reach $20 trillion by 2017. 233 years to reach $10 trillion and only 8 short years to double to reach $20 trillion. We are on an unsustainable course.
Ethan, thanks for your very informative comment. It is mind-boggling to me to soak up those numbers. Thank you for being one who has been speaking out (via your books, radio programs, etc.) for a long time about the escalating debt course we have been on and for offering your wise counsel to people with regard to overcoming personal debt and preparing for a future that is made more and more uncertain due to our runaway national debt.
Ethan, the news came out last week that the US had record tax revenue in Gov FY 2015 but we still added over $400 billion in debt. Any insight on what spending has sky rocketed in recent years?
Hi Bryan, For the last 5 years spending: in the $3.6 to $3.8 trillion range. But as recently as 2012, we had a deficit of $1.1 trillion. Since 2012 revenues: in $2.5 trillion to $3.2 trillion. So, spending has been on a gradual increase, revenues a larger increase. So in five years the deficit has dropped from $1.1 trillion to the $400 billion range.
Hope this helps. No long range projections have the deficit ever going below $400 billion.