With our attention now focused largely on riots, what if one of the most important issues threatening our economic future, and thereby our nation, is being largely minimized or ignored? Have we neglected the risk of our national debt?
Congress is negotiating another round of bailout spending that will likely cost between $1 trillion and $3 trillion.
The debt clock now stands at $26,647,860,701,599 as I type this, soaring upward at a dizzying pace, and critically important "Off balance sheet" liabilities for future obligations such as Social Security and Medicare have been estimated at triple that number.
A Gallup poll showed that from 2010 to 2019, when the debt mushroomed from $14 trillion to $23 trillion, the percentage of voters who cited the federal budget deficit as an issue they worry "a great deal" about fell from 64 percent to 50 percent.
Who can contextualize so many digits? Does it matter, when the median individual income in the United States is roughly $34,000, and each taxpayer, 151 million of us, owes $176,000 to cover the debt?
Our debt-to-GDP ratio, the common metric to assess taxpayers' ability to cover the nation's debt with productivity and output, is at a record 136 percent and climbing.
What effect will the increased cost of servicing our debt has on our economic growth?
Monday, August 31, 2020
Economic Collapse Is Imminent If We Can't Stop Our Deficit Spending Spree
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