At This Current Pace, A Record-Shattering 2.4 Trillion Dollars Will Be Added To The National Debt This Year

america-is-brokeBarack Obama is about to become the 20 trillion dollar man. With less than two months to go in his second term, the U.S. national debt stands less than 150 billion dollars away from the 20 trillion dollar mark. And at the pace that the debt is increasing, it seems almost certain that we will cross 20 trillion dollars before Inauguration Day. After promising us that “deficits are under control”, the federal debt jumped by more than 1.3 trillion dollars last fiscal year, and so far this year it is on pace to rise by a record-shattering 2.4 trillion dollars. This is a recipe for national suicide, and yet it wasn’t even a major issue during the recently concluded presidential campaign. (Read More...)

Broke And Getting Broker: 22 Jaw Dropping Statistics About The Financial Condition Of American Families

Most American families are really struggling in this economy and they see most of the families around them really struggling, but they don’t have any hard numbers to back up the feelings of economic despair that they are experiencing.  Well, below you will find 22 statistics that prove that American families are broke and getting broker.  Today, the financial condition of most middle class families is rapidly deteriorating.  The number of good jobs is declining, incomes are down, debt loads are up and bankruptcies and foreclosures just continue to increase.  If you step back and really examine the statistics, it becomes really hard to deny that American families are getting poorer.  Well, the wealthiest 5 percent are still thriving, but everyone else is really having a tough time.  The truth is that a large percentage of the U.S. middle class is slowly but surely going broke.  Unfortunately, this is being caused by long-term economic trends that simply are not going to be fixed overnight. (Read More...)

Debt, Debt, Debt – 15 Facts About U.S. Government Finances That Are Almost Too Crazy To Believe

If your family started spending nearly twice as much as it brought in every single year, how long do you think it would be before your family was completely and totally broke?  Well, that is essentially what the federal government is doing.  The U.S. government is so deep in debt at this point that it is hard to even try to describe it.  Where do you even begin?  Trying to put the vastness of U.S. government debt into words is kind of like trying to describe a great work of art by Michelangelo to a blind person.  This year the U.S. government is going to go 1.645 trillion more dollars into debt.  How can one possibly accurately convey just how large that amount of money really is?  If you went out today and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars.  Who can even comprehend such an amount?  The U.S. government has mismanaged our finances so badly that it is hard to believe.  We have sold our children and our grandchildren into perpetual debt slavery and not that many people really seem very upset about it.  It is as if most of the nation is in a massive state of denial. (Read More...)