10JAN2012: US debt levels have eclipsed our nation’s debt threshold, an event President Obama himself warned in 2010 would eventually lead to the collapse of the US economy. What this means is all of our debt combined is equal to everything we produce in a single year’s time in gross revenues. In other words if the government collected every single American taxpayer`s paycheck every week for 1 full year, we could pay off the amount that we now officially owe. Treasury Department records show we have added nearly 5 trillion dollars to our national debt since 2008 alone, and will be more than 16 trillion in debt total by the time the elections roll around later this year. In America we spend more money than we earn, and scenarios like this have played out time and again throughout history with the same ugly outcome. I am definitely not trying to cry wolf here but at least allow me the indulgence of going out on a limb by asking the question? Are we financially bankrupt as a nation?
Where does this leave us today? Well for starters anything long term issued by the federal government of the United States may not be such a safe bet, just saying. Much of the nearly 9 trillion dollars (US) sitting in IRA`s is completely exposed to the US dollar in one form or another. The dollar has lured investors worldwide and has seen one of its best years in a while only because everyone else is in trouble. Long term projections predict the debt will continue growing faster than the economy, and for our economy to keep pace with this runaway debt train, we will need to see sustained growth of 5% or higher annually, indefinitely. If you’re looking down the road 10 years from now consider for a moment that our debt by then will be in the neighborhood of 25 trillion.
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The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy. Milton Friedman
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Scott Hage
President
Midwest Bullion Exchange, Inc.
