What do you think will happen to the United States when our national debt reaches 100% of GDP.
How could that effect our economy and the markets?
It will eventually isolate the US from the rest of the world, thus completing the USA's isolationist policies and removing it from leadership status it enjoyed until the early 2000's
I believe a transition is upon America. With commodity prices increasing at an alarming rate and the enormous deficit the country has something has to give. Maybe a revolution?
We better figure it out soon, because our National deficit will reach annual GDP real soon. GDP is less than $15 trillion and our current National debt is $13 trillion, growing at $5-1/2 billion daily. Our combined public and private debt is over $50 trillion.
To put these numbers into perspective, there are approximately 100 million households in America. Each billion in debt equals $10 per household. Each trillion equals $10,000 per household. Our government has overspent its revenue by $130,000 per US household and continues today at a rate of $13,000 additional deficit spending per year per household.
If the US Government was a household, it would be equivalent to having a $130,000 home mortgage and spending $13,000 a year MORE on credit cards than you paid off. Next year you have your mortgage plus $26,000 on the cards, then $39,000, $52,000, $65,000, etcetera. The major difference is that instead of CitiBank calling to collect, it will be the Chinese and other Governments who own much of our debt.
You and I would need to get a second job to pay for the escalating debt, and we would need to slow our spending. But the Federal Government just needs to fire up the presses and print more dollars. The problem with that is the dollar becomes worth less overseas when there are more dollars in circulation. This is a contributing factor toward the rising price of oil, gold, copper, and other commodities.
Expect a lot more of the same. Only our elected officials can reverse the trend, and we as Americans have proven we will not re-elect anyone who tells the truth. Reduce Government size or go broke.
We will be done! off the cliff. No-return! probably riots and much more. that is why curbing this debt is so important. people really need to wake up. the party is over, at least for a while. I do have faith we will turn it around.
by Rhonda D Johnson2 years ago
What did the US use for collateral when we borrowed money from other countries?We know that the US government has borrowed billions of dollars from China, Japan and other countries. But what did we use for...
by wacknuts8 years ago
And what does it mean for us?
by crazymom33 years ago
What is the government doing to pay off the national debt? How is it being paid off?
by SheriSapp2 years ago
Why do the liberals insist on more deficit spending when the nation is BROKE?Why do the liberals REFUSE to understand that the deficit spending MUST be stopped or the nation will become premanently bankrupt?
by Marc Woodard8 years ago
This Exerpt taken from my hub "A Stern Message to our Health Reform Politicians""They steal our tax dollars without representation, run up debt in back room deals and God knows if our GDP will be enough...
by Jack Lee3 months ago
Let me be consistent and bring up the topic of our debt, which was doubled under Obama’s 7 years to $20 trillion and now under the first year of the Trump administration is rising to $20.5 trillion. It is Congress’s...
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