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 over the 15 statistics below and really try to absorb them. It is imperative that we all try to understand how deep a hole we are in. This is the legacy of the Federal Reserve system. You see, people are not upset about the Federal Reserve just because they needed a new hobby. The truth is that the Federal Reserve system has transformed the wealthiest, most prosperous people on the planet into a horde of debt slaves. The American people are now saddled with the biggest debt in the history of the world, and the really sad thing is that it never had to turn out this way.
But this is the end result of turning control of our currency and of our financial system over to the international bankers. Once we did that, it was only a matter of time until the U.S. government was drowning in debt.
Thomas Jefferson desperately tried to warn us about central banks. He believed that for the government to borrow money in one generation which must be paid back by future generations is equivalent to stealing….
And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
In fact, Thomas Jefferson said that if he could add one more amendment to the U.S. Constitution it would be a ban on all government borrowing….
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.
Where would we be today if we had listened to Thomas Jefferson?
Instead of listening to the warnings of our founding fathers, now we are in debt hell….
#1 The Obama administration is now projecting that the federal budget deficit for this year will be an all-time record $1.645 trillion dollars.
#2 The budget deficit for this year alone will end up being well over 10 percent of GDP. That is an absolutely nightmarish level.
#3 Currently, the accumulated national debt of the U.S. government has reached a grand total of $14,123,589,307,190.53.
#4 If you divided the national debt up equally among all U.S. households, each one would owe a staggering $125,475.18.
#5 The federal government has borrowed 29,660 more dollars per household since Barack Obama signed the economic stimulus law two years ago.
#6 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
#7 In the new budget that the Obama administration has proposed, the U.S. government would spend 3.7 trillion dollars in 2012 and by 2021 the U.S. government would be spending a whopping 5.6 trillion dollars per year.
#8 The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.
#9 The total compensation that the federal government workforce earned last year came to a grand total of approximately 447 billion dollars.
#10 The U.S. national debt is currently rising by well over 4 billion dollars every single day.
#11 The U.S. government is borrowing over 2 million more dollars every single minute.
#12 The U.S. national debt is over 14 times larger than it was just 30 years ago.
#13 Unfunded liabilities for entitlement programs such as Social Security and Medicare are estimated to be well over $100 trillion, and nobody in the U.S. government seems to have any idea how we are actually even going to come close to meeting all of those obligations.
#14 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.
#15 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
So has all of this reckless government spending improved the economy at least?
Not really.
In fact, there are signs that the economy is weaker than ever….
*According to Gallup, the U.S. unemployment rate reached 10.0% in mid-February. In addition, Gallup says that the percentage of part-time American workers that want full-time work rose to 9.6% in mid-February.
*During the 4th quarter of 2010, 4.63 percent of all U.S. home loans were in foreclosure. That matched the all-time high, and it was up significantly from 4.39 percent in the 3rd quarter.
*New home sales in the state of California were at the lowest level ever recorded in the month of January.
*When you adjust wages for inflation, middle class workers in the United States make less money today than they did back in 1971.
*The number of Americans that have become so discouraged that they have given up searching for work completely now stands at an all-time high.
So what have we gotten for this colossal amount of debt?
Not a whole heck of a lot.
So why don’t the American people care more about all this debt? Have they given up? Have they resigned themselves to the fact that our financial system is going to collapse?
Gonzalo Lira had some interesting observations about this the other day on his blog….
You know those gamblers in Vegas, who go there and blow their house on the black jack tables? And then they go around town buying hookers and blow left and right, partying hard until the dawn, acting as if they didn’t have a care in the world? At least until the night runs out?
That’s the United States.
But the good news is that an increasing number of Americans are waking up and are realizing that our financial system is just a house of cards. Many are starting to realize that our financial system is a gigantic Ponzi scheme that is inevitably going to collapse at some point. Democrats and Republicans have both supported this system and they have both gone along for the ride. Both parties have been responsible for spending us into oblivion. The United States was once the most blessed nation on earth, but now we are rapidly becoming the biggest financial disaster the world has ever seen. Please share this information and the chart posted below with as many people as you can. The American people desperately need to wake up because we are headed for disaster….
