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.
1 Comment
SiGraybeard · December 21, 2020 at 7:17 pm
Have you noticed the stories about inflation in food prices? (My favorite was somebody saying prices aren't changing, we're imagining the inflation!)
It'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.
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