Guest Editorial by Paul Hebert
This week the American people heard their annual State of the Union Address, which lasted just over 82 minutes in length. Every viewer was treated to a masterful soliloquy filled with accomplishments of the first two years of the current Administration, which leads the strongest and seemingly most wealthy nation in the world. We were told at length about how vibrant our economy is, how low our unemployment rate is, how wages are rising faster than they have in decades, how blue collar workers are being brought back into the economic mainstream of US society, how 5 million Americans have been lifted off food stamps, etc…the list goes on. The speech highlighted how there is a focus on tackling childhood cancer, working to solve America’s health care issues, how our nation is the number one energy producer in the world and now a net exporter of energy, how our military is the strongest force on earth and how the US is the economic envy of the free world. These are all admirable accomplishments, if in fact they have actually been achieved.
What the speech didn’t touch upon, even in the slightest, is the extreme state of our nation’s indebtedness and the rate upon which our debt is rising and what our leadership is going to do about it and how we can ever possibly control it, let alone get out of it. Here are some statistics which might shock you. The United States is now in debt to the tune of $22+ trillion dollars (and some argue it might be as high as $40+ trillion if the government was truthful with its figures). In FY2018 the gross federal debt increased by $1.25 trillion, an astounding annual figure.
To put these trillion numbers into perspective please take note: I found that 1,000 seconds ago was equal to almost 17 minutes. It would take almost 12 days for a million seconds to elapse and 31.7 years for a billion seconds. Therefore, a trillion seconds would amount to no less than 31,709.8 years. A trillion seconds ago, there was no written history…I think you can now see where I am heading with all of this. How on earth is this great nation of ours, “the economic envy of the free world”, ever going to pay this money back? Clearly our country’s ridiculous spending habits are completely unsustainable and at some point the rest of the world is going to figure out that we are not the economic envy of the world but instead a massive out of control freight train heading for the biggest and most dramatic economic crash in the history of civilized nations.
The result of all of this is going to be that foreign governments will no longer be as interested in purchasing our US Government debt, especially at the artificially low yields our debt is presently being offered at. This of course will then lead to a rapid decline of the almighty US dollar. The ultimate upshot of this catastrophe, my fellow Americans, will be that your savings and wealth will no longer be worth what you thought it was.
How do you protect yourselves against this economic catastrophe and loss of wealth and savings? Maybe it’s time to look at what some central banks around the world are doing.
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