As most of you are aware, per www.usdebtclock.org - our national debt just surpassed the $22 TRILLION mark.
You will also recall that in one of Pres. Trump's campaign speeches he pointed out that once this figure hits $24T we will no longer be able to even cover the interest payments...
Federal debt alone is growing at 6% of GDP, and GDP is growing just 5% (real GDP + inflation). So basically, GDP would be shrinking without injecting $1.3T of borrowed $$$ into the economy this year. The present economy is completely dependent on unsustainable borrowing.
Our national debt and deficit are higher than they were coming OUT of the last recession. Is this the "greatest economy in the history of America"? I don't know about anyone else, but when times are good I usually pay down some bills and instead I will soon be signing off on a second bankruptcy as I interview for a second job tomorrow.
A common method for calculating GDP is the expenditure method. GDP = Private Consumption + Gross Investment + Government Spending + (Exports-Imports). Most recent GDP figures show growth of 3% year over year for (October 2018). Now lets look at deficit growth. In 2018 the deficit, as a percentage of GDP grew by 3.9%. This isn't the National Debt, this is just the annual shortfall. Think about it, GDP grows by 3% but Federal Government Spending (which contributes to GDP) as a PERCENTAGE of GDP increases by almost 4%. What does that tell you about the relationship between Federal Spending and GDP? If you're thinking that increasing government debt is solely responsible for the increase in GDP, you're on the right track. It's more nuanced than that but that is basically the point.
This is the secret that the Federal Government doesn't want you to know. They're really no different than you. They can't afford to pay their bills either and borrow more and more to make up the difference. There is a debate among economists regarding whether debt matters. Of course it does. We'll all find out in time. What does your common sense tell you?
There are just over 800,000 bankruptcies at this time per www.usdebtclock.org - let's see where that stands in Dec.
Something else very scary to note that caught my eye in the lower right corner of the clock......something you are not hearing anyone talk about.....(being a victim personally affected by our (lack of?) "justice" system - I pay special attention to this;) less than 6 months ago our country was just shy of 7 million convicted felons. Per the clock today that figure has skyrocketed to well over 20 million! Have we really tripled our lawlessness as a nation in less than one year?! Or is there a money $$$ grab in incarcerating the entrapped . . . .
- your thoughts & may God bless
special thanks to a GOOD man, Gregory Mannarino - the economic guru of our day @marketreport www.traderschoice.net
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Debt will put us all in the poor house, if we are lucky. More likely we will all be living in the streets.
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