U.S. National Debt Hits $20 Trillion
Monday 11 September 2017 the US Debt surpassed $20 Trillion for the first time in history
For the first few months of the Trump’s administration, the national debt saw a steady decline, dropping approximately $100 billion from the day Trump took office until last week. Then almost overnight the debt shot up more than $317 billion according to figures released by U.S. Treasury.
"The debt limits have to come down. The whole world of debt has to be changed as far as this country is concerned. We have to create jobs and we have to create them rapidly because if we don't things are just going to head in a direction that's going to be almost impossible to recover from." - Donald Trump
The jump in deficit came after President Trump signed into law on Friday a bill that temporarily suspended the $19.8 trillion debt ceiling so that federal aid could be provided for victims of recent hurricanes. The estimated damage of hurricane Harvey alone is already around $400 Billion, and Irma has just hit and Jose is expected in the next few days.
Only 1 in 6 of homes in Houston have flood insurance, suggesting 85% of those whose homes were rendered unliveable will need to borrow money to fund the repairs. Effectively most people would need a second mortgage on their homes. The question now is, how much money will homeowners be willing to borrow to keep the home? If history is a guide to go by, one third of homeowners affected by Hurricane Katrina abandoned their property via default. Now we need to add Florida to this equation as well as where ever Hurricane Jose makes landfall.
Have a look at the National debt clock here it's scary and also very hypnotic. This can't go on much longer, at some stage this unimaginable debt needs to be paid back, and if not, we can expect things will come tumbling down very hard and fast, I see this happening much sooner than later.
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The real storm is going to be the debt, prepare yourself accordingly
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Hahahahah! 20 trillion... and they expect to pay that with crypto one day???
Never going to happen... US dept is like premining... beware!
Love having fun!
America is on the precipice of becoming Zimbabwe.
It's just a matter of time, they have pasts the point of no return long ago, thanks to Obama and Bush.
I agree, how long can they keep up this illusion?
They have been doing it for the last 9 years... maybe 9 more?
Their plan is to depreciate it all eventually while paying just the interest. Don't keep your savings in cash, invest in markets, precious metals, crypto and you should be fine.
I think this is a very wise idea...
Yeah very good advise, keep out of the banks if possible.
20 Trillion! and that's not all, It is actually around 67 Trillion, just a little more.
That 20 trillion is just the National debt, all other debts by states and institutions aren't counted in there. This really makes no sense anymore, there is no way this can ever be paid back without hyperinflation...
Then there's also the derivative market.... like you said, make no sense!
This is the most scary part for me, that's just totally out of control. And most of the assets are with the one percent richest, so actually most families have no savings whatsoever...
Very interesting and also scary. I included this national debt in a screenplay I wrote (Angel in the Park) set in New York but thought as the debt clock disappeared it would no longer be relevant. Perhaps I'll re-write again!
Thanks for the comment, yeah it's very scary as this will affect the whole world not just the US.
That's probably scarier! That one country with so much power squanders it's own wealth. Let's hope for more sensible governing in future. I watch the Bill Mayer show and it's hilarious and thought provoking. We don't get Fox News thank heavens, it's sickening. They just wouldn't mention the national debt!
Don't worry, fellaws! Trump will fix this mess!
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Thank you good sir!
Such insanity, I thought we were in trouble in 2008 with 8 trillion dollars of debt, shit will hit the fan soon... the rise of crypto is just around the corner 😀
indeed...but the rise of quantum computing will keep crypto in check at some point in time,able to keep it on a leash so to speak...