Let's say you make $20 an hour at your job. And you spend $40 for every hour worked hour out of pocket. Not just for a day, but every day. For the indefinite future. First, can it be done? And second, does it possibly make any sense? Fortunately for you, you can't do that very long, as your credit will run out very quickly, perhaps after six months or so.
The federal government is now spending twice what it earns (actually twice what we give them in taxes) with no end in sight. The debt limit of $14.3 trillion is not understood by most, and doesn't even include unfunded liabilities -- future obligations to pay Social Security, Medicare and Medicaid, and interest on that debt -- which brings the total closer to $80 trillion.
However, unlike you, they can continue to borrow, and borrow, and borrow. At least that's what most people are led to believe. And, they can ask the Federal Reserve, a private bank owned and operated for profit to, in effect, print more money.
If all money owned by you, all businesses, and the money in all American banks was sent to the federal government, there would not be enough to pay off the $14 trillion let alone the 80 trillion.
So I think you'd better plan to see inflation in your future as the feds ask the Federal Reserve banks to print more money. That's probably more important than trying to figure out how big a number a trillion really is.
No comments:
Post a Comment