We’ve Reached The Point Of No Return On Our National Debt — Meaning A Collapse Is Imminent
President Obama and many in Congress have taken recent employment numbers and twisted them into some...
It’s a lie of epic proportions. The real reason why unemployment is dropping is because record numbers of Americans are either discouraged with trying to find a decent job or have landed on the government dole.
The point is, the unemployment rate is artificially low because a record number of Americans are no longer in the workforce.
And yet, at the same time, Congress and the Obama administration are collecting a record amount of taxes, meaning more money is coming out of the economy so there is less in private hands to invest in, and expand, businesses (and thus, create jobs).
Despite record tax hauls, the government is still spending more than it takes in, which has led to an explosion in the national debt.
In fact, Obama holds the record for collecting the most taxes and for debt expansion as well, nearly doubling it since he’s been in office.
So while Obama (and Congress) have been taking more money out of the economy, they’ve been piling on debt, which is a double financial whammy.
Whatever motivations our elected leaders have regarding the economic disaster they have created, the fact is we’ve already reached the point of no return.
As big as our economy is – and it could be even bigger if our regulations-happy president would stop smothering it with massive compliance costs – it is still not big enough to pay off what we owe.
We simply don’t generate enough national wealth each year. In fact, our national debt (around $20 trillion) is higher than our annual GDP (around $17 trillion).
Yet, Congress and this president continue to spend money we don’t have – and will never have.
The numbers don’t lie: An economic collapse is imminent, and most of us will see it in our lifetimes.
What follows are nightmarish scenarios of abject poverty, depredation and global chaos. A broke United States means the world loses its cash cow. When U.S. consumers don’t have money to spend because they don’t have jobs, there is no “global economy.” There’s no economy, anywhere.
When the bottom falls out is anyone’s guess, but just looking at the numbers, the future does not look bright.
The government cannot continue to spend hundreds of billions more per year than it takes in, piling debt upon debt, without a day of reckoning at some point.
And given the trends – rising taxes and rising debt – the crash is on its way.