by Michael Snyder, End Of The American Dream:
In all of human history, has there ever been a society more gluttonous than our own? We are addicted to sex, we are addicted to drugs, we are addicted to shopping, we are addicted to eating, we are addicted to entertainment, but our biggest addiction of all may be money. Even though we were handed the keys to the greatest economic machine the world has ever seen, it was never enough for us. We always had to have more, and so we have run up the largest single mountain of debt in the entire history of the planet. If you can believe it, on Monday the size of the U.S. national debt crossed the 33 trillion dollar mark for the very first time…
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The U.S. national debt topped $33 trillion for the first time ever on Monday, crossing a critical milestone at a time when government spending is already under scrutiny.
The national debt – which measures what the U.S. owes its creditors — hit $33.04 trillion as of Monday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
I don’t know if I even have the words to describe how reckless our leaders have become.
It took from the founding of our nation all the way up to 1980 for the national debt to reach one trillion dollars.
But now we have added a trillion dollars to the national debt in just three months.
And thanks to rising interest rates, interest payments on our debt are projected to increase at an exponential rate in the years ahead…
In fact, interest payments on the national debt are projected to be the fastest-growing part of the federal budget over the next three decades, according to the CRFB.
Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion. To put that into perspective, that will be more than the U.S. spends on Social Security, Medicare, Medicaid and all other mandatory and discretionary spending programs.
Of course we are far from alone.
At this point, total global debt exceeds 300 trillion dollars…
GLOBAL debt hit a record US$307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the US and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday (Sep 19).
The financial services trade group said in a report that global debt in US dollar terms had risen by US$10 trillion in the first half of 2023 and by US$100 trillion over the past decade.
It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336 per cent.
But we are by far the biggest offenders.
And that is because we are extremely gluttonous “pig people” that simply do not care that we are literally destroying the future for our children and our grandchildren.
Sadly, the politicians that are racking up all of this debt are extremely gluttonous “pig people” too. Thanks to Majority Leader Chuck Schumer, members of the U.S. Senate will be allowed to dress any way that they want from this point forward…
Breaking news relevant to only 100 Americans: The U.S. Senate will no longer enforce its dress code for members.
Is this yet another sign of constitutional decadence, or is it a step into modernity for the fusty, antiquated chamber? Either way, it’s the best news ever for Sen. John Fetterman (D-Pa.), who would prefer to do business while looking like he’s on a Saturday-morning jog.
Do we really want our representatives in Washington to look like a bunch of slobs?
What kind of message is that going to send to the general population?
And what kind of message is that going to send to the rest of the world?
It is being reported that Chuck Schumer made this change specifically to accommodate John Fetterman, and in a recent opinion piece Maureen Callahan made it very clear what she thinks about that…
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