Can anyone tell me what America should be doing right now?
For decades the socialist regimes in Europe borrowed money to pay for their spending sprees.
“Invest in the future.”
Then came the time the banks wanted more interest. So, they raised their rates.
Greece could no longer afford the debt they had accumulated.
Then the bankers gouged with very high rates. The Greek government screamed. And Europe panicked.
Currently, American Federal debt is just under 17 Trillion dollars. Yes, that is only 53,000 per person, but why do they count people wearing diapers? Because they do not want to tell you the real burden.
For Americans actually working and paying Federal taxes, the Federal debt is over $200,000 per person. Or, about $130,000 if you think government employees count as tax payers instead of a tax burden.
Then each American owes $50,000 more in personal debt. I am troubled here, because like above, most people are not truly liable for their debt. As we saw in the 2008 crisis, the real burden falls on the rest of us. And babies should not count. So, this number is higher.
In perspective, the total American debt is about 3 times our total GDP output.
So, google tells us GDP is 15 Trillion. So, looking above, we see that America owes 45 Trillion dollars. Looking at who is really paying for everyone else, that means you do like the socialists and say even every baby owes $150,000. Or, you are rational and say, every responsible Patriot is carrying $450,000 on everyone else’s debt.
The problem is really one of SEP, somebody else’s problem. As long as the Socialists can blame other people, everyone continues to point fingers.
But, the reality is responsible people always pay the bill other people skip out on.
The few responsible people in America will be stuck paying the bill for everyone else.
So, do we start cutting the exploded welfare payrolls now? Or, after the banks force us to?