The United States is in such a deep financial hole that it’ll never be able to dig itself out. The ruling class has enslaved the population in every way possible, including financially as its debt obligations have reached $34 trillion for the first time, over $6 trillion more than when Joe Biden became the head tyrant.
U.S. debt as a percentage of GDP (gross domestic product) is now over 123%, compared with China’s 83%. Japan has the largest debt burden relative to GDP, at 255%.
The US Treasury Department disclosed the new debt total on Tuesday, saying it exceeded the $34 trillion mark by nearly $1.5 billion as of December 29, the last business day of 2023. The amount owed had increased by $90 billion since just the previous day. This is far from something anyone claiming to be a good “citizen” or slave of the U.S. should be proud of.
“We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,” foundation CEO Michael Peterson said. He added, “Adding trillion after trillion in debt, year after year, should be a flashing warning sign to any policymaker who cares about the future of our country.”
The amount the US government owes lenders has increased by $6.25 trillion, or 23% since President Joe Biden took office three years ago. To put that in perspective, it took about 225 years from the nation’s founding to approach $6 trillion in public debt. The growth in debt has accelerated rapidly in the past two decades. It jumped by more than $9 trillion during Barack Obama’s eight years as president, then increased by $7.8 trillion during Donald Trump’s four-year term. –RT
There is no solution to this other than the dissolution of the ruling class. If they have access to a printer that can create money, they will, and they’ll use it to enrich themselves while pushing the inflation off on those at the bottom. In the meantime, they will lie through their teeth in order to keep the power structure in place so they can control everyone while profiting off the enslavement.
Biden has repeatedly made false claims about having cut the US debt. The annual budget deficit – the extent to which government spending exceeds revenue – shrank by $1.7 trillion during his first two years in office, reflecting the absence of Covid-19 stimulus spending, but it’s projected to surge this year. The US hasn’t spent less than its government revenue in 20 years. –RT
This becomes even more of a horrifying story when looking at all of the wars the U.S. wants to get involved in. Where does that funding come from? They steal from the poor slaves, but most of it is debt to the central banks. At some point, this house of cards will come crashing down, and when it does, we won’t like what comes next…
It Took 22 Years to Get to This Point
This article was originally published by Michael Snyder at The Economic Collapse Blog. The fact...
This article was originally published by Michael Snyder at The Economic Collapse Blog. When one...
This article was originally published by John W. Whitehead and Nisha Whitehead at The Rutherford...
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