For the first time on the 1st February 2022 ,America’s gross national debt passed over $30 trillion, an apocalyptic fiscal milestone that highlights the fragile nature of the country’s long-term economic health as it grapples with ascending prices and the prospect of higher interest rates. Wow,$30 trillion! Who could’ve seen this coming? And who is going to pay it back in taxes, debt, and inflation? Hint: they aren’t rich and they aren’t poor. It is the middle class. IF every person in the United States paid an equal part of the national debt it would cost each person about $86,000. How would that go over? $30 trillion in debt with manufacturing now controlled almost entirely by our greatest 21st century rival, and a level of political corruption that makes this almost impossible to slow, let alone stop. Meanwhile 500 families own a majority of the country’s assets, which are held offshore. The future is bright indeed. If we don't have the supply side working IE taxes we will indeed have a deficit. Think of the billions that were made during this pandemic . Maybe we need to raise taxes on the U.S. billionaires whose wealth went up 70% during the pandemic. It does feel like high time our tax policy stops doing the exact opposite of what common sense, economic data, and compassion would dictate. But how can we raise taxes on U.S. billionaires when they bought Congress a long time ago? $30Trillion is a million dollars a day for over 82,000 years. Such a figure could never be repaid. And Biden now wants to increase the deficit by giving Democrats trillions of dollars in additional welfare benefits through Build Back Better. No problem. Biden will inflate us out of anything. If we use federal funding to put money in the pockets of the working class, it is spent on essentials; and that fuels economic growth and growth in tax revenue. If we spend federal money by giving tax cuts to the rich — as the GOP did in 2017 — it barely moves the needle. The rich simply hoard the money, or spend it on bubbles that do next to nothing to promote a healthy economy or grow tax revenues. Both sides of the aisle are culpable for seeding this $30Trillion debt…. Republicans and Democrats for massive corporate tax relief. A needless and wasteful Middle East war, only enriching the defense contractors. Failure of corporations and government to stem the migration of middle class jobs to the Far East. Corporations eyeing higher profits with minimal investment in offshoring manufacturing and not willing to invest in modernizing their manufacturing plants in the USA. All these have contributed to a higher national debt. How is this not a central concern for the younger generations who will inevitably foot this bill? Are we so utterly distracted and financially illiterate that we can't see the brick wall we're barreling toward? The top 10 Americans own nearly one trillion dollars in wealth and the rest of us owe 30 trillion! It would be interesting to know how much each person in the United States would have to pay to pay off the national debt. This would include every man, woman and child. This would tell us what we are doing to our children and their future. If you look up the National Debt Clock, you’ll see that we’re currently at $90,000 per citizen, or $239,000 per taxpayer. And the clock keeps on rolling … $136 Trillion is the net household private wealth of the USA To put a number on it. That is more than $30 Trillion. That wealth number increased about $20 Trillion in the past 12 months of the report period to 30 September. The top 1% holds about $43 Trillion, the top 10% holds about $95 Trillion. Most of us, 90% and up, pay ‘wealth’ tax on our principal asset, our house, in our mortgage payment or our rent. Most of us pay *most* of that tax on *somebody else’s* asset — the bank’s or the landlord’s. How much of this increased debt is due to tax breaks for the very wealthy 1% that will not go away when breaks for ordinary Americans do? And they were telling us not to worry about debt because: "Interest rates are much lower than they were in the past, and all indications are that they’ll stay low for years to come" (thereby keeping the cost of servicing the debt low). And the politicians (in both parties), the Treasury Secretary and the Federal Reserve Board continue to prime the pump and echo George Maynard Keynes that 'debt doesn't matter as we will all be dead anyway'. Even republican adherents to the Milton Friedman school of economics are now Keynesians. For months every liberal economist has promised us the right was exaggerating the possibility of inflation. That if the U.S. economy overheats, we will know in plenty of time to make corrections. Ok, we made a mistake. We trusted them. Again. We're discovering we won't know in time as it is with every other nation that has to wrestle with this beast. We can't run a hot economy, large budget deficits, without runaway inflation at some point. The laws of gravity exist. Perhaps these same economists can explain why throughout history when countries run deeply into debt, inflation eventually spirals out of control. We don't have to look far to find good examples. Venezuela found that spending more than you take in is no panacea. The inflation rate in this socialist utopia reached 9,586% in 2019. The highest in the world. Imagine that. You do really run out of other people's money, who knew? Ditto for Argentina. It has had a median inflation rate of 220% annually since 1980. The price increases in Argentina are fueled by the rapid expansion of the money supply. You have to wonder if the U.S. is about to follow the same flawed policies of Latin America. This kind of irresponsible government policy — printing money like it's linked sausages—has been tried before. The results are always the same: complete economic collapse. If the new administration’s policies need to last as long as there's an emergency I suspect the crisis will never end. The chickens are coming home to roost. Welcome back to the Atlantis Report, Please Like , and Subscribe. When are we going to discuss Government mismanagement and wastage. The Democrats always talk about increasing taxes but never about spending within our limits. Governments have been agents for the rich for a long time while proclaiming that they work for the poor. I guess the government's fiscal mismanagement is intentional to fill the pockets of a lot of people who work for it. They don't want to prevent war. What would happen to all their military contractor stock values? War is big business to evil profiteers. Cue the Fed to argue why national debt does not matter. (They were completely wrong about inflation) Cue woke democrats asking for more dole citing Omicron. Cue Wall Street Meme stocks that will fly even higher (remind you of Icarus?) with excess money in the system. Cue up more inflation. Cue the Squad to "Cancel the Debt" (But alas this is owed to foreign countries.) And then get ready for your children, grandchildren, and generations down the line to work for the Chinese Communist Party and the Oil fiefdoms. Enough! Let's try to live within our means. Let's raise taxes for ALL (not just the token "Tax the rich" slogan) if we want to spend domestically. Let's cut the defense budget if we want to invest in our social priorities. We need to get rid of the tax cuts for the ultra rich. Cut military spending. We are paying millions of dollars for people to sit around on military bases playing Xbox. We should “means test” the military. Since WW2 we succeeded in defending Kuwait and toppling Noriega. Hardly worth the trillions and trillions we’ve spent. We could halve our defense budget and we would still outspend every other country on the planet… Nothing a tax on US big tech and its billionaires can't solve... The seeds of the downfall of our nation were sown by excesses of government deficits and debt. Our government looted the most powerful country on earth with insane fiscal policy for decades and the chickens are now coming home to roost. The temptation to borrow extravagantly was too much to withstand for our political leadership. This was an inevitable effect of low borrowing costs associated with the dollar's status as the reserve currency of the world. The only question now is when will the run on the US dollar begin. Likely secondary effects of losing reserve currency status will be far ranging but will include: -Substantially lower real living standards for Americans after the inevitable currency devaluation -Loss of international power and US hegemony due to lack of direct control of the world's currency. -A global return to some form(s) of hard currency (likely gold, possibly bitcoin). The federal financing is like a Ponzi scheme. As long as wealthy people and nations believe our future is better than our past, we can issue debt to pay for our current desires. But God forbid the time when those people and nations have someplace better to store their wealth and want their money back. Goodbye America.
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