But very few of our \u201cleaders\u201d in Washington seem to care that we are in the process of committing national suicide.\u00a0 There is no possible way that we will be able to continue to be the most powerful economy on the planet if we continue down this road.\u00a0 During Obama\u2019s eight years in the White House, we added more than 9 trillion dollars to the national debt.\u00a0 That certainly improved things in the short-term, because if we could go back and take 9 trillion dollars out of the economy over the past 8 years we would be in an absolutely nightmarish economic depression right now.<\/p>\n But even with all of this borrowing and spending, our economy has still only grown at an average rate\u00a0of just 1.33 percent<\/a>\u00a0a year over the last 10 years.<\/p>\n And by going into so much debt, we are literally destroying the future for our children and our grandchildren.<\/p>\n What we are doing to them is beyond criminal, and people should be going to prison over this.\u00a0 But instead we just keep rewarding these Congress critters by sending the same cast of characters back to Washington over and over again.<\/p>\n Are we insane?<\/p>\n The feds are now projecting that the official yearly budget deficit will reach\u00a01.4 trillion dollars<\/a>\u00a0by 2027.\u00a0 Of course federal projections always end up being far more optimistic than reality.<\/p>\n And we are already spending about 500 billion dollars a year just on interest on the national debt, and by 2027 that number is projected to jump to 760 billion dollars a year.<\/p>\n This is complete and utter insanity, and yet we just can\u2019t control ourselves.\u00a0 The government continues to throw around money as if there is no tomorrow, and our tax dollars are being wasted on some of the most ridiculous things imaginable.<\/p>\n For instance, the U.S. military is spending 42 million dollars each year\u00a0.<\/p>\n We must stop this madness, and we must stop it now.\u00a0 I really like how an editorial\u00a0in the Houston Chronicle<\/a>\u00a0made this point\u2026<\/p>\n Tax-and-spend politics are bad, but borrow-and-spend is worse. While we have some control over whether our lawmakers raise taxes, our children and grandchildren don\u2019t get a vote on whether we burden them with debt.<\/p>\n Over the long run, huge government debt takes cash out of the economy and drives up interest rates, slowing economic growth and hurting private enterprise.<\/p>\n To protect the U.S. economy, Republicans need to nip plans to eliminate the debt ceiling in the bud and then get to work balancing the federal budget.<\/p><\/blockquote>\n Will we ever learn?<\/p>\n Since the beginning of our nation, many of our most prominent statesmen have been warning about the dangers of accumulating government debt.\u00a0 For example, during his farewell address President George Washington\u00a0instructed the country<\/a>\u00a0to\u00a0\u201cavoid \u2026 the accumulation of debt not only by shunning occasions of expense but by vigorous exertions to discharge the debts, no throwing upon posterity the burden which we ourselves ought to bear.\u201d<\/strong><\/p>\n And Thomas Jefferson famously said that he wished that he could have added one more amendment to the U.S. Constitution which would have banned government borrowing\u2026<\/p>\n \u201cI wish it were possible to obtain a single amendment to our constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of it\u2019s constitution; I mean an additional article, taking from the federal government the power of borrowing.\u201d<\/strong><\/p><\/blockquote>\n This is one of the primary reasons why we must\u00a0abolish the Federal Reserve system<\/a>.\u00a0 The Federal Reserve was actually designed to create a government debt spiral from which we could never possibly escape.\u00a0 That is why the size of our national debt has gotten more than 5000 times larger since 1913, and we are never going to permanently solve our national debt problem until we get rid of the Fed.<\/p>\n Most Americans don\u2019t realize this, but the path that we are currently on is not sustainable by any definition.\u00a0 Debt levels are growing much, much faster than GDP, and that is a recipe for disaster.\u00a0 The following is an excerpt from one of my\u00a0previous articles<\/a>\u2026<\/p>\n We are living in the greatest debt bubble in the history of the world.\u00a0 In 1980, total government and personal debt in the United States was just over the 3 trillion dollar mark, but today it has surpassed 41 trillion dollars.\u00a0 That means that it has increased\u00a0by almost 14 times<\/strong>\u00a0since Ronald Reagan was first elected president.\u00a0 I am searching for words to describe how completely and utterly insane this is, but I am coming up empty.\u00a0 We are slowly but surely committing\u00a0national suicide<\/a>, and yet most Americans don\u2019t even understand what is happening.<\/p>\n According to\u00a0720 Global<\/a>, total government debt plus total personal debt in the United States was\u00a0just over 3 trillion dollars<\/strong>\u00a0in 1980.\u00a0 That broke down to\u00a0$38,552<\/strong>\u00a0per household, and that figure represented\u00a079 percent<\/strong>\u00a0of median household income at the time.<\/p>\n Today, total government debt plus total personal debt in the United States has blown past\u00a0the 41 trillion dollar mark<\/strong>.\u00a0 When you break that down, it comes to\u00a0$329,961.34<\/strong>\u00a0per household, and that figure represents\u00a0584 percent<\/strong>\u00a0of median household income.<\/p><\/blockquote>\n Sadly, most people are entirely clueless about what we are doing to ourselves.\u00a0 Investors are the most optimistic\u00a0that they have been in years<\/a>, and most of the talking heads on television seem to believe that the party can go on indefinitely.<\/p>\n But that is simply not possible.<\/p>\n And the same thing is true from a global perspective as well.\u00a0 The following comes from\u00a0Chris Martenson<\/a>\u2026<\/p>\n First: our entire economic model, which dependent on borrowing at a faster rate than income (GDP) grows, is something that simply cannot be maintained at its current rate or level.\u00a0Check.<\/em><\/p>\n Second: depleting species, soils and aquifers are all wildly unsustainable practices that are accelerating.\u00a0Check.<\/em><\/p>\n Last (and most glaring of all): the world\u2019s leadership (and we use that term very loosely) continues to insist on adhering to the indefensible idea that infinite growth on a finite planet is possible\u00a0 Checkmate.<\/p><\/blockquote>\n The clock is ticking, and disaster awaits at the end of this road.<\/p>\n Will somebody please do something?<\/p>\n Michael Snyder<\/a>\u00a0is a Republican candidate for Congress in Idaho\u2019s First Congressional District, and you can learn how you can get involved in the campaign on his\u00a0official website<\/a>. His new book entitled\u00a0\u201cLiving A Life That Really Matters\u201d<\/a>\u00a0is available in paperback and for the Kindle on\u00a0Amazon.com<\/a>.<\/em><\/p>\n ___ Debt Nightmare: Does Anyone Actually Care That Our Exploding National Debt Is Destroying Our Future? By Michael Snyder, on September 11th, 2017 The Economic Collapse When will America finally wake up?\u00a0 The borrower is the servant of the lender, and … Continue reading ![\"\"](\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2017\/09\/Alarm-Clock-Drowning-Public-Domain-460x345.jpg\")
<\/a>When will America finally wake up?\u00a0 The borrower is the servant of the lender, and we now have a colossal 20 trillion dollar chain around our collective ankles.\u00a0 We have willingly enslaved ourselves, our children and our grandchildren, and yet our addiction is so insatiable that we continue to add\u00a0more than 100 million dollars<\/a>\u00a0to our debt load every single hour of every single day.\u00a0 The national debt is sitting at a grand total of\u00a0$20,162,176,797,904.13<\/a>\u00a0at this moment, but now that the debt ceiling has been lifted that number is expected to shoot up very rapidly toward 21 trillion dollars by the end of the year.\u00a0 The national debt had been held down by accounting tricks to keep it under the debt limit for many months, but every time this has happened before we have seen the national debt absolutely explode back to projected levels once the debt ceiling was raised.<\/p>\n
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