The True Size Of The U.S. National Debt, Including Unfunded Liabilities, Is 222 Trillion Dollars

The United States is on a path to financial ruin, and everyone can see what is happening, but nobody can seem to come up with a way to stop it.  According to the U.S. Treasury, the federal government is currently 22 trillion dollars in debt, and that represents the single largest debt in the history of the planet.  Over the past decade, we have been adding to that debt at a rate of about 1.1 trillion dollars a year, and we will add more than a trillion dollars to that total once again this year.  But when you add in our unfunded liabilities, our long-term financial outlook as a nation looks downright apocalyptic.  According to Boston University economics professor Laurence Kotlikoff, the U.S. is currently facing 200 trillion dollars in unfunded liabilities, and when you add that number to our 22 trillion dollar debt, you get a grand total of 222 trillion dollars. (Read More...)

12 Statistics That Prove That The U.S. Is Facing A Consumer Debt Apocalypse

In the entire history of the United States, consumers have never been in so much debt.  And that would not be a crisis as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels.  In fact, some of the numbers that are coming in are even worse than we witnessed at any point during the last recession.  If things are this bad already, what are they going to look like once the economy really gets bad?  Because even though it appears that we are heading into a new recession, according to the Federal Reserve it has not officially begun yet.  That means that much worse is yet to come.  Just like last time, millions of Americans will likely lose their jobs, and without an income most of those that suddenly find themselves unemployed will not be able to pay their bills.  The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will absolutely devastate major financial institutions all across America. (Read More...)

Deadbeat Nation: 37 Million Credit Card Accounts In The U.S. Are “Seriously Delinquent” Right Now

Is the consumer debt bubble finally starting to burst?  If the latest numbers on delinquent credit card accounts are any indication, that appears to be precisely what is happening.  As I noted the other day, Americans currently have 480 million credit cards, and they are carrying 870 billion dollars worth of balances on those cards.  That is one giant pile of debt, but there won’t be a problem as long as the vast majority of Americans regularly make their credit card payments.  Unfortunately, the number of credit card accounts that are delinquent has been steadily rising, and now we are being told that the number of “seriously delinquent” accounts has shot up to 37 million(Read More...)

Global Inequality Explodes: 26 Ultra-Wealthy Billionaires Now Have As Much Money As The Poorest 3.8 Billion People

If you add together all of the money owned by the poorest 3.8 billion people living on this planet, it would roughly equal the wealth controlled by the 26 wealthiest men in the world.  Oxfam has just issued a brand new report on global inequality, and what they have discovered is making headlines all over the globe.  The rich just keep getting richer, and meanwhile the slice of the pie owned by the poor just keeps getting smaller.  Today, almost half the world lives on less than $5.50 a day, and approximately 795 million people “do not have enough food”.  And even in a “wealthy country” like the United States, the gap between the rich and the poor is the largest that it has been since the 1920s, and more than half a million Americans are homeless right now.  This growing inequality is a ticking time bomb, and at some point it is going to explode. (Read More...)

Is It Okay That Christmas Is All About Materialism?

How would you feel about Christmas if there were absolutely no gifts at all?  That may sound like a very strange question, but I think that it is a very important one, because the truth is that our biggest holiday of the year by far is all about materialism.  According to ABC News, the average American will shell out $700 for Christmas presents in 2018, and the National Retail Federation is projecting that total Christmas spending will surpass $465,000,000,000.  Only 25 countries on the entire planet have a GDP that is greater than that number.  Ultimately, Christmas is defined by what we give and what we get, but is that actually healthy? (Read More...)

Not Prepared: Will Most Americans Be Absolutely Blindsided By Multiple Wars And A Simultaneous Economic Collapse?

According to CBS News, an astounding three-fourths of all Americans have to “scramble to cover their living costs” each month.  In other words, most of the country is either living paycheck to paycheck or very close to it.  But instead of tightening their belts and trying to put something away for the very hard times that are coming, most Americans are completely and utterly unprepared for what is ahead because the people that they trust on television keep telling them that everything is going to be okay.  Unfortunately, everything is not going to be “okay”, and when things start falling apart all around us there is going to be a lot of anger directed toward those that have been lulling everyone into a false sense of security. (Read More...)

Housing Crash?: U.S. Existing Home Sales Fall By The Most In Six Years

Home For Sale - Public DomainWe just got more evidence that a major economic slowdown is underway here in the United States.  Existing home sales were down a whopping 7.1 percent during the month of February, and this represented the biggest decline that we have seen in six years.  This is yet another sign that we are in the early stages of a new crisis that is eerily reminiscent of what happened back in 2008.  The truth is that most U.S. consumers are tapped out, and when you are tapped out it is really hard to get a mortgage.  Banks aren’t really fond of lending money to people that can’t pay it back, and in recent years housing prices in many areas have risen to levels that are beyond the reach of most middle class families. (Read More...)

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