Very few people are talking about it, and even fewer are bothering to object, but by borrowing and spending so much money our politicians are essentially feeding America’s financial future into a wood chipper. It took from the founding of our country all the way to 1981 before the U.S. national debt reached one trillion dollars. Incredibly, we just added more than a trillion dollars to our national debt in less than a month. On April 5th, we were 23.9 trillion dollars in debt, and by May 4th we were 25 trillion dollars in debt. Fear of the coronavirus has caused nearly all of our politicians to suddenly become socialists, and we are being told that trillions more in spending may be coming. This is complete and utter lunacy, and we are leaving future generations of Americans with a mountain of debt that would absolutely crush them. But of course our society may not even last too much longer at the rate we are going. For years I have been loudly warning that our absurd national debt is an existential threat to America’s future, but at this point both major political parties have completely abandoned any sense of fiscal responsibility. Now our national debt is rapidly speeding toward the 26 trillion dollar mark, and the House of Representatives just passed a bill that would borrow and spend an additional 3 trillion dollars that we do not currently have… (Read More...)
Debt
63 Percent Of All U.S. Jobs Created Since 1990 Have Been Low Wage Jobs
If you have a good paying job, you should probably try to hold on to it as hard as you can, because those types of jobs are steadily becoming rarer. Since 1990, the U.S. economy has produced millions of jobs, but as you will see below nearly two-thirds of them have been low wage jobs. Of course this is one of the biggest factors causing the systematic erosion of the American middle class. Today, half of all U.S. workers make less than $33,000 a year, but meanwhile the cost of living has been steadily increasing. Housing costs, health insurance and other basic necessities have been rising much faster than our paychecks have, and this has put an enormous amount of financial stress on hard working American families. (Read More...)
“Farmageddon”: Trump Announces More Emergency Bailouts As U.S. Farm Debt Soars To $416 Billion
President Trump just announced yet another round of emergency bailouts for U.S. farmers. This emergency aid will be greatly welcomed by countless struggling farmers, but a few thousand dollars won’t be nearly enough to save most of the farms that are on the verge of failing. Coming into 2019, farm debt was already at a record high and farm bankruptcies were already rising. But then crazy weather patterns made planting season a complete and utter mess, and more crazy weather patterns have turned harvest season into a major disaster. On top of everything else, the Trump administration’s trade dispute with China has greatly reduced U.S. agricultural exports and hurt prices. This has been an absolutely nightmarish year for U.S. farmers, and a series of government bailouts hasn’t done much to ease the pain. (Read More...)
Why Has There Been A 56 Percent Increase In Suicide Among Young Americans In Just 10 Years?
It is very hard to face the future when you don’t have any hope. Today, our society offers more ways to entertain ourselves than ever before, but it offers very little hope. Most people spend most of their lives wandering from one thing to another looking for meaning and purpose, and of course most of those journeys come up empty. We may have a much higher standard of living than any other generation in history, but we are also have the highest rates of addiction, depression and suicide. As a society, we are deeply, deeply unhappy, and this is especially true for our young people. In fact, a report that was just released discovered that there was a 56 percent increase in suicide among Americans from age 10 to age 24 in just 10 years… (Read More...)
China Takes A Comprehensive Trade Deal Off The Table, And That Is Disastrous News For The U.S. Economy
The Chinese never intended to make a deal, and now they are publicly admitting it. For months, I have been warning readers of The Economic Collapse Blog that a comprehensive trade deal with China will not happen before the 2020 presidential election, and the reason why this is the case is actually very simple. The Chinese have concluded that President Trump will never give them the kind of deal that they are looking for, and so their entire goal has been to run out the clock on the Trump administration so that they can finally get to a Democrat that will be much more “reasonable” to deal with. Of course if Elizabeth Warren or Bernie Sanders wins the election, they won’t be very “reasonable” either, and so the best case scenario for the Chinese is for either Joe Biden or Hillary Clinton to emerge victorious in November 2020. In any event, the Chinese are now being very clear about the fact that they are never, ever going to agree to Trump’s core demands. The following comes from CNBC… (Read More...)
22 Surveys Which Prove That Americans Never Want To Go Back To The Way America Used To Be
For a long time a great battle has been fought to determine the future direction of this country, and at this point one thing has become exceedingly clear. America is never going to be the country that it once was. Of course for millions of Americans this is actually very welcome news, but for those of us that have been working so hard for so long to restore the values that this nation was founded upon, it is incredibly sad to finally come to this realization. In order for America to return to her glory days, our nation would need to embrace the values that once made our nation so great, and the truth is that the American people have resoundingly rejected those values. This is especially true for our young people, and it won’t be too long before they are running everything. The other side has control of our education system, of our major media outlets, of our entertainment industry and of our legal system. They are literally systematically training future generations what to think, and that has proven to be an insurmountable advantage. The “culture war” has been over for a long time, and they won. But that doesn’t mean that the broader conflict is over. (Read More...)
The Average U.S. Farm Is $1,300,000 In Debt, And Now The Worst Farming Crisis In Modern History Is Upon Us
We haven’t seen anything like this since the Great Depression of the 1930s. Leading up to this year, farm incomes had been trending lower for most of the past decade, and meanwhile farm debt levels have been absolutely exploding. So U.S. farmers were desperate for a really good year, but instead 2019 has been a total disaster. As I have been carefully documenting, due to endless rain and catastrophic flooding millions of acres of prime farmland didn’t get planted at all this year, and the yields on tens of millions of other acres are expected to be way, way below normal. As a result, we are facing the worst farming crisis in modern American history, and this comes at a time when U.S. farms are drowning in more debt than ever before. In fact, the latest numbers that we have show that the average U.S. farm is 1.3 million dollars in debt… (Read More...)