Wednesday, February 3, 2016

January ends with U.S. debt crossing over $19 trillion

A new report came out on Feb. 1 showing that the national debt has now crossed over $19 trillion, making it extremely likely that the U.S. will end Obama’s term in office with a debt obligation of over $20 trillion.  And with Congress simply abrogating their duties and giving the government carte blanche authority to borrow and spend as much as they want, whomever wins the Presidency this November will automatically come into office under a dual crises of recession and insolvency.
Right now the U.S.’s debt to GDP ratio is over 104%, meaning the country owes more in liabilities than it produces in annual revenue.  And for any entity but the Federal government, this would mean instant insolvency and the need for a declaration of bankruptcy.


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