In the USA we do things BIG! We work hard and play hard. We’re the land of the free, home of the brave. We set the bar for the rest of the world for being the best, fastest, biggest and strongest of everything. The same is true with our national debt.
As of the beginning of October 2018 the United States is over $21 Trillion dollars in debt. That’s over $65,000 per citizen and $176,000 per taxpayer.
Under current law, the government is able to borrow as much as it wants until the debt ceiling takes effect on March 1, 2019. That begs the question; are we borrowing as much as we can as fast as possible before everything collapses?
The U.S. Treasury reported we’ve had over a 20% increase in government spending the first ten months of 2018 compared to that of 2017. This fiscal year to date we’ve racked up over $684 BILLION in debt and there’s no sign of slowing down. In August of 2018 the deficit hit $214 Billion which is double compared to that of 2017.
Student loans account for $1.4 Trillion and 11% of those loans are in default according to the Federal Reserve Bank of NY. With interest rates rising and non-mortgage consumer debt hitting over $4 Trillion, representing 26% of their average income we are entering a perfect storm of circumstances primed to implode.
Truth is we’re borrowing too much when times are good and we aren’t preparing for when times are bad. Robert Shiller, Yale Professor of Economics, draws similarities between the booming economy preceding the 1929 crash and the rapid and prosperous economic growth of today.
We have a duty to our country, family and neighbor to take this seriously. Click below and check out the national debt clock yourself. Do not turn a blind eye to the elephant in the room.
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