From 2017–things are much worse today:
Let me try to simplify the National Debt and unfunded liability concept:
OUR National Debt is almost 20 Trillion; OUR GDP, or yearly income as a nation for 2016 was almost 19 Trillion. That’s like me making 19,000 a year and having 20,000 in credit card debt. Do you think I’ll ever pay it off? No, I’ll likely declare bankruptcy.
OUR unfunded liabilities are in excess of 100 Trillion dollars. Remember we “earn” about 19 Trillion. We haven’t paid off OUR debt since at least 1913 (for two years under Clinton we spent less than we took in, but the accumulated debt increased).
Hard decisions HAVE to be made, or one of three things will likely happen:
1. Taxes will increase
2. The US Government will create a new monetary system. Can you say chaos (at least temporary)?
3. The FED will continue to create “money” out of thin air, and you and I will scratch our heads wondering why the cost of living increases faster than our incomes, and OUR Nation’s debt and liabilities will increase exponentially. That will force 1 or 2 to happen.
Comments Please.
For more information:
Federal Revenue: Where Does the Money Come From (nationalpriorities.org)
