America’s gross national debt is now on the brink of surpassing $30 Trillion for the first time in US history, and things are about to get bad fast.
• The Gross national debt represents the debt held by the public, including
- Individual citizens
- Pension funds
• This ominous fiscal milestone shows how fragile the countries long-term economic health is in America
• Americans are already grappling with soaring groceries, gasoline, and natural gas prices, and now things could get worse.
• On top of soaring prices and unprecedented spending, we also have word that the FED will be raising interest rates in early March.
• Many economists believe that the FED will raise the rates around five times this year, leading to an overall increase of 1.25%, but many economists warn that it could end up being as high as 1.50%
• As many speculated, the stimulus and money given to small businesses and jobless benefits were paid with borrowed money leading to $5 Trillion added to the national debt.
• As the Biden and Democrat spending got out of control, Biden and the Democrats painted it as necessary to pump the economy from turmoil but now has left the United States with a debt burden larger than the entire economy, surpassing levels not seen since World War II.
• Within the next few weeks, Biden and the Democrats could start to change their tune as the Federal Reserve prepares to raise interest rates, which have been set near-zero since the start of the pandemic, to curb inflation.
• According to economists, the pandemic has slowed the momentum of the economic recovery, fueling inflation rates not seen since the ’80s sending many Americans to ammas more debt.
• Golden State Times also has a new report that Droves of Americans are quitting their jobs in numbers not seen in recent history.
THE DEBT CLOCK IN REAL TIME HERE
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