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$220,000 For Every Man, Woman And Child America Is Now 72 Trillion Dollars In Debt Rate Topic: -----

#1 User is offline   MTP Reggie 

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Posted 26 April 2019 - 07:01 AM

$220,000 For Every Man, Woman And Child - America Is Now 72 Trillion Dollars In Debt
by Tyler Durden
Thu, 04/25/2019 - 17:15
Authored by Michael Snyder via The Economic Collapse blog,
ZeroHedge

<More Here>

Are you ready to cough up $220,000 to pay your 'fair share'?

One of the reasons why a day of reckoning for the U.S. economy is inevitable is because we are in way too much debt.

The 22 trillion dollar debt that the federal government has accumulated gets most of the attention, but the truth is that we would still be 50 trillion dollars in debt even if the national debt was eliminated somehow. Today, debt levels are exploding on every level of society. Corporate debt has more than doubled since the last financial crisis, U.S. consumers are more than 13 trillion dollars in debt, and state and local governments are piling up debt as if tomorrow will never come. According to a Federal Reserve chart that you can find right here, the total amount of debt in the U.S. financial system has now reached an astounding 72 trillion dollars.

https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Snip20190424_34.png?itok=kkRGDyDU


My father was a math teacher for many years, and so I like numbers. I divided $72,000,000,000,000 by the current population of the United States (Google says it is 327.2 million), and I discovered that it breaks down to more than $220,000 for every man, woman and child in the entire country. So if you have a family of four, your share of all this debt is $880,000. This debt bubble has been growing much, much faster than the overall economy for a very long time. When Ronald Reagan took office the total amount of debt in our system was less than 5 trillion dollars, and when George W. Bush took office the total amount of debt in our system was just over 29 trillion dollars.

Just prior to the last financial crisis we surpassed the 54 trillion dollar mark, and so since that time we have added nearly 18 trillion dollars to our total. Of course all of this debt will never actually be paid off. The only thing left to do is to keep this debt bubble going for as long as possible, and the only way to do that is to keep it growing at a faster pace than the overall economy is growing. And our financial engineers have definitely been successful in extending this Ponzi scheme for a lot longer than many of us had anticipated, but they can't keep doing this indefinitely.

Every financial bubble in history has eventually ended, and this one will too. I really like what Charles Hugh Smith had to say to Greg Hunter just the other dayÖ

Journalist and book author Charles Hugh Smith says the next market crash and recession will unfold like the bursting of the 2000 Dotcom bubble. Smith explains, "The bubble popped or deflated not for any crisis, but simply because there was too much debt, too much leverage, too much euphoria and unrealistic valuations. I think we are seeing that now in stocks, housing and a lot of other assets around the world. The valuations just exceed what makes financial sense. . . . And remember, we are at the longest expansion in history. It's over 10 years, and the average expansion lasts 5, 6 or 7 years. So, this expansion is pretty long in tooth. . . . You will get a slowdown, and that is a self-reinforcing feedback loop. Once people stop buying houses and once people stop buying cars . . . then you are going to get people being laid off, less people being able to afford to eat out, and then you get a self-reinforcing recession. It's not a crisis, but like an erosion because everybody is kind of tapped out."


In the end, nobody can "fix" our system, because our debt-based financial system was fundamentally flawed when it was designed. This is something that I have repeatedly pointed out, but unfortunately most Americans still don't seem to understand this very basic concept. If you have a financial system that is literally designed to endlessly create more debt, more money and more inflation, then you are living in a "bubble economy". And a "bubble economy" can seem fine as long as the bubble is inflating and economic activity seems to be humming along, but when things start to go bad they can go really, really bad very rapidly.

(snip)

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#2 User is offline   Dean Adam Smithee 

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Posted 26 April 2019 - 08:08 AM

No problem. Just raise the minimum wage to $220,000/hr, everybody chips in, and we'll have that sucker paid off in an hour.

Hey, stop laughing. I don't see anybody inside the beltway with a BETTER idea and this WILL BE the inevitable result of doing nothing anyway.
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#3 User is offline   Taggart Transcontinental 

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Posted 26 April 2019 - 08:17 AM

After you stop counting the illegals it will be about 290 Million. Yes we have imported that many non-taxpayers. Stop paying them the debt will again drop. Not sure how much but illegals consume a staggering amount of money, and the numbers are being hidden from us because of that.
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#4 User is offline   jr_tex 

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Posted 26 April 2019 - 09:10 AM

Two proposed fixes.

1. How about Congress actually do something. Since they started (or stopped) voting on a budget each year, our debt has skyrocketed.
2. How about EVERYONE pay federal tax. Not just 50%.
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#5 User is offline   Ben Cranklin 

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Posted 26 April 2019 - 11:06 AM

I guess a lot of people would prefer to ignore doing anything about something like this in favor of just pretending that we'll all be dead of climate change in 12 years, anyway.
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#6 User is offline   ASE 

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Posted 26 April 2019 - 03:13 PM

I no longer, nor have I ever, authorize the govt to spend any more on me than I pay in taxes to them - if I have to live within my means, this should be required of them, too. I also do not authorize them to borrow any $$, especially from the fed rsv, they claim is on my behalf, either directly or indirectly.
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#7 User is offline   corporal_little 

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Posted 27 April 2019 - 07:37 AM

This is all debt, personal, business and government. Itís pretty misleading.

Take me for example, I have a $350,000 mortgage on my home and a $2.6m mortgage on my company office, 6 company vehicle loans and a business line of credit. According to this article, I alone am responsible for over $3m in debt. Scary right?

Well, not when you consider my home is worth $500k, my office is worth $3.2m and those trucks and the lines of credit help generate millions in revenue and profits.

Our country was built on credit. Itís not necessarily a bad thing, if itís used correctly.
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#8 User is offline   Rock N' Roll Right Winger 

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Posted 27 April 2019 - 08:17 AM

View PostASE, on 26 April 2019 - 03:13 PM, said:

I no longer, nor have I ever, authorize the govt to spend any more on me than I pay in taxes to them - if I have to live within my means, this should be required of them, too. I also do not authorize them to borrow any $$, especially from the fed rsv, they claim is on my behalf, either directly or indirectly.


:exactly:
Nailed it.
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#9 User is online   zurg 

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Posted 27 April 2019 - 11:47 AM

View Postcorporal_little, on 27 April 2019 - 07:37 AM, said:

This is all debt, personal, business and government. Itís pretty misleading.

Take me for example, I have a $350,000 mortgage on my home and a $2.6m mortgage on my company office, 6 company vehicle loans and a business line of credit. According to this article, I alone am responsible for over $3m in debt. Scary right?

Well, not when you consider my home is worth $500k, my office is worth $3.2m and those trucks and the lines of credit help generate millions in revenue and profits.

Our country was built on credit. Itís not necessarily a bad thing, if itís used correctly.

I agree; theyíre mixing apples and oranges and airplanes.
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