by Michael Snyder, The Economic Collapse Blog:
How does it feel to be living on the edge of a bubble just before it bursts? Ever since the days of the Great Recession, our leaders have been going to extremes that we have never seen before as they attempt to keep our failing economy propped up. The Federal Reserve has created trillions upon trillions of dollars out of thin air and pumped it into the financial system. Our politicians in Washington have been on the greatest debt binge in the history of the world, and as a result our national debt has soared to truly horrifying levels. On Monday, our national debt reached 35 trillion dollars, and even the New York Times is admitting that it is growing “more quickly than many economists had predicted”…
TRUTH LIVES on at https://sgtreport.tv/
America’s gross national debt topped $35 trillion for the first time on Monday, a reminder of the nation’s grim fiscal predicament as legislative fights over taxes and spending initiatives loom in Washington.
The Treasury Department noted the milestone in its daily report detailing the nation’s balance sheet. The red ink is mounting in the United States more quickly than many economists had predicted as the costs of federal programs enacted in recent years have exceeded initial projections.
To mark this milestone, the House Budget Committee released some numbers about how rapidly our debt has been growing over the last 12 months…
- $196 billion in new debt per month
- $6.4 billion in new debt per day
- $268 million in new debt per hour
- $4.5 million in new debt per minute
- $74,401 in new debt per second
The third number in that list really stands out to me.
268 million dollars is being stolen from future generations of Americans every single hour of every single day, and hardly anyone seems to care.
We are literally committing national suicide.
When a government borrows money which must be paid back later, prosperity in the future is being sacrificed for more prosperity in the present.
We were 10 trillion dollars in debt when Barack Obama entered the White House, and now we are 35 trillion dollars in debt. We have literally destroyed the bright future that our children and our grandchildren were supposed to have, but all of this borrowing has allowed us to enjoy a standard of living that is far higher than what we actually deserve.
Unfortunately, we have reached a point where economic conditions are steadily getting worse even though our government continues to pile up mountains of new debt.
According to the Department of Housing and Urban Development, homelessness in the U.S. has been growing by an average of about 10 percent a year since the pandemic ended…
According to data from the U.S. Department of Housing and Urban Development (HUD), since the end of the pandemic, we have experienced an average of 10% a year growth in homelessness. By the end of 2023, the U.S. hit its highest reported level in history since they began tracking it in 2007.
That same report says that the four states that have the largest problems with homelessness are California, New York, Florida and Washington…
The largest populations of homeless people are mainly in four states: California, New York, Florida and Washington. New Hampshire and New Mexico saw the largest increases in homeless people, with 52% and 50% respectively. New York came in third, moving up by 39% since the last survey.
In addition to growing homelessness, we are also seeing poverty and hunger rise all over the nation…
Combined data released last month from federal agencies found the U.S. is facing growing rates of poverty and food insecurity. In 2023, more than 12% of the nation was living below the poverty line and nearly 13% said they didn’t have enough to eat. Ann Oliva, CEO of the National Alliance to End Homelessness, said, “More people are becoming homeless for the first time.” This increase is due to people becoming un-housed faster. “They have no place to go so they end up on the streets.”
Our national debt has gone from 10 trillion dollars to 35 trillion dollars since Barack Obama first entered the White House, and our economy is still crumbling.
This represents an epic failure of historic proportions.
Read More @ TheEconomicCollapseBlog.com
