The national debt stands at $27.5 trillion. The first time I blogged about the debt, the US owed $10.6 trillion. That was in 2008. A year ago, I warned that we were borrowing a trillion every ten months. A trillion dollars ago was August. Two trillion dollars ago was May. A year ago, the debt was $23 trillion. The government has borrowed $4.5 trillion in the last year.
Congress just authorized another $2.5 trillion in spending and COVID stimulus. That means we are guaranteed to have a national debt of $31 trillion by next Christmas. Our economy cannot support this level of spending.
The wheels are coming off. Find things to store wealth that are not denominated in dollars: gold, Bitcoin, ammo, food. I have a feeling it will be worth much more in the near future.
Have you noticed the stories about inflation in food prices? (My favorite was somebody saying prices aren't changing, we're imagining the inflation!)
ReplyDeleteIt's starting.
For the readers: it's like standing in a boat and saying the pier is getting higher while the tide is going out. You're looking at it backwards. Food may be going up a little, but the main thing is the dollar is becoming worth less. If the cost of food goes up because of supplies to grow crops are more expensive, that's inflation, too.