DEBT - America, no longer the Land of the Free?
If you are an average American Taxpayer your share of the National Underfunded Debt, (things like Social Security, Medicare and Government Pension Plans), is over $900,000 per Taxpayer.
This doesn't include your personal debt for home mortgages, car loans, student loans nor your share of local, State and Federal Government Debt.
Any plans on how you are going to get that load off your back?
The Debt Load is Growing and Growing,
Like a Snowball rolling downhill
10 years ago the Total Government Debt was less than $10 Trillion.
- The annual Federal Tax Revenue was $2.6 Trillion and the annual Federal Spending was $2.8 Trillion for an annual shortfall of $200 Billion.
Today the Total Government Debt has doubled to over $20 Trillion.
- The annual Federal Tax Revenue has increased to $3.4 Trillion but the annual Federal Spending has grown faster to $4.0 Trillion for triple the annual shortfall at $600 Billion.
The US Debt is headed the wrong direction and taking the Wealth and Glory and Freedom of the Nation with it.
The American War of Independence was fought in part to free Americans from bondage.
The American Civil War was fought in part to free Americans from bondage.
Sadly Americans have borrowed their way into Bondage, giving up the Freedom that once made America great.
DEBT - America, no longer the Land of the Free?
Couldn't agree more. Perhaps the saddest part is that even our "deficit hawk" politicians will push through legislation that helps their party and supporters - even if impartial studies show that the legislation will increase the deficit. At the end of the day, all we can do is assume that we won't have a safety net from the government when we retire - no social security, no pension from our companies, etc. Part of the beauty of crypto at the moment - allows us a chance to diversify our investments with some strong upside. Better to invest today then buy something you don't need!
Awesome advice - it's better to save money for tomorrow with money you that didn't spend today. Pay yourself first is very sound financial advice.
Financial frustration is living for today at the expense of tomorrow.
I agree totally. Deficits are out of control and the banks keep printing money at insanely low interest rates. Every time this has happened in America's past, it ends badly. Simply not sustainable. What are your thoughts about what to do about this?
Thanks for the vote and the comment @vdux. Sadly history is repeating itself. When the 'children' get to vote for how late they get to stay up and how much their weekly allowances should be and to vote for what rights they can enjoy while they live at home regardless of whether their parents can pay for it or not then you have a recipe for financial disaster.
Sadly no politician gets elected, or if they do they don't stay in office very long, by saying, 'let's live within our means and trim back on the spending'.
The only thing that individuals can do is to get out of debt and build a rainy day emergency/opportunity fund, their personal life jackets, life boats and to have a plan on how they will get off the boat when it takes on too much debt load and starts to sink.
Your thoughts on what to do?
Yes . America and banking cabal has Kept not only Americans but the world under its crippling debt monopolistic debt control .... we are slaves
we are slaves by choice - no one forces us to buy the bigger home or the newer car - we want it now and let's worry about how to pay for it later
That’s not true .... you cannot live in western society without debt ,,.. it’s extremely difficult .... you can’t buy a home without debt ..... debt is the norm
yes, debt is the norm. keeping up with the neighbors is the norm. and there are people living in our western society who live without debt. They live within their means, they save and then buy.
check out this short YouTube clip from SNL >
You cannot live in western society without debt ... it’s a banking cabal tool ....I highly doubt there’s any truth to that ....
Government spending is out of control and all politicians do is kick the can down the road. They have no interest in cutting spending which is the only way out of the mess. Even with serious cuts it would be a very long road to have any chance of my kids not being forced to pay for the handouts current generations are getting.
in a democracy we vote in politicians who offer us what we want now, not what is best for us in the long run.
so yes, no politician with any long term plans of sticking around is going to cut spending. That alienates the unions right away and the masses over time.
So the government and the Central Bankers do what they can to 'stimulate the economy' even though they have to go deeper in debt to do it, because unemployed masses don't vote for you.
I vote different then most and would rather things be fixed today then pay a bigger bill tomorrow. This game of borrow from Peter to pay Paul would make Bernie Madoff proud.
you have a wealth mentality. and you vote, and I'm guessing that you think and save and spend, different than most.
My 1 Changed Habit, 10 Years, $100,000 saved gives a pretty good insight into my mindset on spending. But lets just say I haven't had an actual credit card in around 10 years now. Have a couple store cards with low limits so I can get discounts but they are paid off the second the bill comes in.
As for saving due to my thoughts on the state of the actual economy I'm a fan of stacking silver for the hyper inflation that I feel will come. Not that all my eggs are in one basket, but that is my safety net for sure.
thanks, you gave me an idea for a post. I'll do one on how to buy 'junk' silver coins and 1 gram gold cards in small, affordable quantities on eBay.
Your welcome ;) . I find you will save about 15-20% by going into local coin shops for junk silver. If you really want a deal run a craigslist add that you are buying silver. What I do is call my shop and ask what they are paying for junk silver. It's normally a multiple of face and doesn't matter if you are getting dimes, quarters, halves, or dollars. I then run my add for 10% over what coin shops are paying and always get takers. Even if you offer spot price for the coins you are saving vs buying from a shop.
good point. that approach is not for everyone but I do know a fellow locally that goes that route. He offers cash for unused Canadian postage stamps and coins. He pays less than they are worth and makes money selling them again.
some people don't care about the value, they are looking for quick, convenient cash.
I am doing more and more of my buying online for convenience, so for me eBay is the preferred route.
you're doing much better at it than me. I find it the other way around, I can buy for less and with more convenience with eBay. I also live in a rural area and the nearest big center with coin dealers is over a couple hours drive.
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