That’s a historic sum. And we were there to see it. And be on the hook for it.
“We ask that the United States take steps to resolve the political issues of the debt ceiling and prevent a US debt default to ensure the safety of Chinese investments in the United States,”
That’s an increase of $13.5 trillion just since 2006, and is growing by more than $2 trillion a year.
“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more.”
This is what happens when your Debt to GDP ratio is at 220% and your government’s economic plans consists of seizing land from farmers and handing it out to your cronies while trying to borrow even more money to keep the entire disastrous thing going.
Obama knows quite well that he’s spending money that can never be repaid. That’s why he’s spending the money. Because it’s his last chance to spend it.
The debt will reduce the average family income by 10 percent in 2030, by 17 percent in 2040 and by 30 percent by 2050. So if the average family could be expected to be earning, say, $80,000 a year by 2030, their actual pay would be $72,000, and $8,000 of income would be wiped out by the debt.