Are you ready to cough up $220,000 dollar to pay your share? One of the reasons why the economic collapse of the U.S. is inevitable is because we are in way too much debt. The 22 trillion dollar debt that the federal government has accumulated gets most of the attention, but the truth is that we would still be 50 trillion dollars in debt even if the national debt was eliminated somehow. Today, debt levels are exploding on every level of society. Corporate debt has more than doubled since the last financial crisis, U.S. consumers are more than 13 trillion dollars in debt, and state and local governments are piling up debt as if tomorrow will never come. According to a Federal Reserve chart that you can find right here, the total amount of debt in the U.S. financial system has now reached an astounding 72 trillion dollars. I divided $72,000,000,000,000 by the current population of the United States (Google says it is 327.2 million), and I discovered that it breaks down to more than $220,000 dollar for every man, woman and child in the entire country. So if you have a family of four, your share of all this debt is $880,000 dollars. This debt bubble has been growing much, much faster than the overall economy for a very long time. When Ronald Reagan took office the total amount of debt in our system was less than 5 trillion dollars, and when George W. Bush took office the total amount of debt in our system was just over 29 trillion dollars. Just prior to the last economic collapse and stock market crash we surpassed the 54 trillion dollar mark, and so since that time we have added nearly 18 trillion dollars to our total. Of course all of this debt will never actually be paid off. Every financial bubble in history has eventually ended with a major stock market crash and financial collapse, and this one will too.
As for the nation as a whole, we can only hope that there is as much time as possible before the inevitable economic collapse comes. For decades we have been making exceedingly foolish decisions, and the consequences of those decisions are going to be exceedingly painful indeed.
———————————————————————————
This video created for educational purposes by a professional movie maker with high quality editing. The video narrated by a world class voiceover artist. Script, footages, images, music used by paid licenses.
COURTESY:
Script written by Michael Snyder, author of theeconomiccollapseblog
Music: CO.AG Music
Most of artwork that are included with these videos have been created by Epic Economist and they are used as a representation of the subject matter. The representative artwork included with these videos shall not be construed as the actual events that are taking place.
Fair Use Notice: This video contains some copyrighted material whose use has not been authorized by the copyright owners. We believe that this not-for-profit, educational, and/or criticism or commentary use on the Web constitutes a fair use of the copyrighted material (as provided for in section 107 of the US Copyright Law. If you wish to use this copyrighted material for purposes that go beyond fair use, you must obtain permission from the copyright owner. Fair Use notwithstanding we will immediately comply with any copyright owner who wants their material removed or modified, wants us to link to their web site, or wants us to add their photo.
Anything that is said on the video is either opinion, criticism, information or commentary, If making any type of investment or legal decision it would be wise to contact or consult a professional before making that decision.
Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence before making any significant investing decisions.
0 Comments