The US national debt has climbed above $22 trillion. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pension- and medical care for the retiring Baby Boomers.
The deficit nearly doubled during the administration of President Barack Obama, growing by $9.3 trillion as the Federal Reserve engaged in massive “quantitative easing” programs to bail out the financial sector from the crash of 2008.
The new debt record “is another sad reminder of the inexcusable tab our nation’s leaders continue to run up and will leave for the next generation.
More bad news came from the Federal Reserve Bank of New York, which published the US household debt and credit report on Tuesday showing the private debt of Americans reached the record $13.5 trillion at the end of 2018.
Though mortgage debt has gone down for the first time in two years, credit card borrowing matched the $870 billion mark it had reached prior to the 2008 crisis.
The Ponzi scheme is coming to its end. In a world nearing depletion of resources, no future economic surpluses will be coming to pay the massive debt. If you hold American sovereign debt, get rid of it pronto!
There is no intention to pay the debt. They said that when Obama was President. We will just print more as we are the worlds reserve currency so we can do that. The Fed (private banks ) just print it out of thin air and to thin air it shall return.
That is why inflation is created to make today’s dollar worth less tomorrow so todays debt become less with time. Inflation is tax by stealth. The Government gets the dollar first when it is worth a dollar. By the time the people get it , it is worth much less.
RT.com / ABC Flash Point News 2019.