by Michael Snyder, The Economic Collapse Blog:
Our politicians in Washington are literally destroying our future. But do you see anyone out in the streets protesting their calamitous policies? By now, you have probably heard that the U.S. national debt has hit 31 trillion dollars. To be more precise, as I write this article the U.S. national debt is currently sitting at $31,142,591,307,260.01. It is the largest single debt in the history of the world, and given enough time it would completely destroy our economy all by itself. Unfortunately, hardly anyone in Washington seems to care about our rapidly exploding debt at this point.
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In the old days, the Republicans would at least put on a show for us. They would huff and puff about the national debt but then give the Democrats virtually all of the spending that they wanted anyway.
But now they have figured out that such a charade is no longer necessary, because most of their constituents just don’t care.
So most of our politicians no longer even pretend to care about fiscal responsibility. In recent years they have been on the biggest borrowing and spending binge in our entire history, and there are no indications that they ever plan to stop.
They borrow and spend trillions upon trillions of dollars, and they expect you, your children, and your grandchildren to pay it back.
Of course that will never happen.
We are never going to pay back the 31.1 trillion dollars that we have borrowed.
Instead, we are just going to push the accelerator all the way to the floor until we finally go off a cliff.
During the month of August alone, the U.S. government ran a $219.6 billion budget deficit…
Some things never change — such as the federal government spending more money than it has month after month after month.
August was no different. The US government ran a massive $219.6 billion budget deficit last month, according to the latest Monthly Treasury Statement. That nudged out July as the second-largest monthly deficit in fiscal 2022.
Sadly, I didn’t hear of anyone in Washington giving a major speech when that happened, because the national debt is not even considered to be an important national issue today.
But our entire standard of living depends on the value of the U.S. dollar. Having the default reserve currency of the world has been such a massive advantage for the United States, and now we are frittering it away.
The rest of the world can see what we are doing.
We are transforming our currency into toilet paper, and it is just a matter of time before it completely collapses.
Today, our politicians are stealing more than 200 million dollars from future generations of Americans every single hour of every single day.
Just think about that.
The old geezers in Washington know that they are near the end of the road.
So they know that they will never have to pay any of this money back.
But they get to spend it on whatever they want.
Of course it was inevitable that all of this borrowing and spending would eventually create rampant inflation, and now we are facing the worst inflation crisis in our history.
Yes, even worse than the Jimmy Carter era of the 1970s.
The Federal Reserve is rapidly hiking interest rates in a desperate attempt to get inflation under control, but that is causing all sorts of problems.
For one thing, the interest payments on our national debt will soon exceed a trillion dollars a year…
According to the Congressional Budget Office, this is exactly what will happen. It projects interest payments will triple from nearly $400 billion in fiscal 2022 to $1.2 trillion in 2032. And it’s worse than that. The CBO made this estimate in May. Interest rates are already higher than those used in its analysis.
Unfortunately, I don’t think that the current system will survive until 2032.
Previous generations handed us the keys to the reserve currency of the world and the greatest economic machine that the planet had ever witnessed.
Sadly, we took those precious gifts and completely destroyed them.
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