This post first appeared on The Deviant Investor.
Official US national debt exceeds $21 trillion. National debt increases over $3 billion per day.
Another day older and $3 billion deeper in debt!
The U.S. government pays the interest by issuing new debt. But that new debt increases total debt and (eventually) drives up interest rates, which requires more borrowing to pay the annual interest payments. Another year older and deeper in debt! A reset will occur when the debt load becomes too heavy.
WHY DEEPER IN DEBT?
Governments spend currency units, corporations demand their payoffs, the warfare and welfare lobbies own congress and the “borrow and spend” circus performs.
From Treasury Secretary Mnuchin:
“The real story is we made a significant investment in the military which is very, very important, and to get that done we had to increase non-military spending.”
The Deep State extracted its share of the swag, participants collected their payoffs and debt expanded. Borrow and spend is the lifeblood of the Wall Street and D.C. circus.
But it extends beyond Washington D.C. Consider these massive debt burdens in the U.S.:
Continue reading“Guest Post: Another Day Older and Deeper in Debt, by Gary Christenson”