The Economic Consequences Of Debt
The United States is on a massive spending spree that is surely going to come home to roost.
Through the second quarter, the U.S. government spend 24% of it's GDP. Of this amount, $983 billion was financed through debt. The means all the revenue taken in was used to cover social welfare and servicing the debt.
This is not a recipe for long-term success. The government spending (and deficit) is only increasing during a period of economic expansion. This is counter to what normally should be happening.
As the debt level grows, it outpaces economic growth. This takes more money away from the productive part of the economy and directs it towards the servicing of the debt. This actually causes negative growth over time.
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It is an understatement to say that the United States has a massive debt column. I mean, is there anything more self-destructive that building upon a debt-dependent economy.
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