👉Debt More Than $27 Trillion, Bigger than The Economies of China, Japan, Germany and India Combined

👉Debt More Than $27 Trillion, Bigger than The Economies of China, Japan, Germany and India Combined On October the 2nd, The national debt has for the first time, surpassed the $27 trillion mark. America’s National Debt is now greater than the size of the economies of China + Japan + Germany + India combined. Too much government debt right now and no means to pay it off. We will be in for a heap of trouble, no matter whose in office come 2021. Our growing National Debt is an issue for families across the US. The $27 Trillion national debt amounts to $210 000 per household or $82 000 per person in America. If every US household contributed $1000 per month towards paying down the national debt, it would take over 17 years. The 27 trillion dollars national debt is enough to cover a four-year degree for every graduating US high school student for 66 years. The interest that we pay on the National Debt is now the fastest-growing part of the budget. Nearly 1 billion per day on interest payments on the debt. Within ten years, the federal government will spend more on interest payments than research & development, infrastructure, and education combined. There was a time when the financial folks were fiscal conservatives. Times sure have changed. Why do our leaders still have jobs? Fire the Congress. The National Debt is so large that historically normal interest rates would CRASH the federal government as it tries to make its monthly interest payments. Normal interest rates would render worthless all the existing, ultra-low interest Treasury bonds, crashing all the big banks. As the Fed borrows and skyrockets the deficit into the stratosphere, and floods the system with every more artificially cheap money, consumers keep spending and borrowing. Zombies companies stay afloat as well. The Fed has destroyed price discovery, creative destruction, and free markets generally. All in the worship of Wall Street. Meanwhile, Mom and Pop retire cannot make any interest on their life savings and are forced to eat their seed corn or take their chances in the Wall Street Casino with the biggest everything bubble in history. The Fed painted itself into a corner and is now trapped. Oh well, at least we had that tax cut for the ridiculously rich, which did not trickle-down. This cannot go on much longer, and it's going to end very badly. The music is about to stop, find a chair. The GDP is 70% consumer spending tells us credit is used for consumption, not production. Demand for credit doesn't fall as production declines. Consumer prices will increase as production falls. Consumer DEFAULT will increase, especially since one can still get credit after defaulting. Also, older Americans want more savings interest. Thus, there is no such thing as naturally low interest rates in our future. Today's interest rates are low due to The Fed pumping endless credit into the markets. After the Fed stops, interest rates shall SKYROCKET because savers and creditors (including bond owners) have been screaming for interest income for decades. Every pension crisis is caused by too-low interest rates. With $27 trillion in National Debt, building a sustainable economic future becomes more challenging. At $27 trillion and rising, the National Debt threatens our economic future. I mean, it's not like we have to pay it back, right? It's the next three generations of Americans that will have to pay it back. So no problem, let's live like hogs. You know pigs get fat, but hogs get slaughtered!! Right now, there is no statutory debt limit. The USA could truly party like never before. Until we completely debase our fiat money. Bad things happen when a society's magic(currency/laws) stop working. We're in for a hell of a time. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. Thank You. The debt was already at frightening levels, and adding 10% pushed it over the edge. The pandemic crisis has accelerated an already unsustainable fiscal trajectory. Congress says federal stimulus spending must continue due to the pandemic. According to Treasury Department data, the debt held by the public is $20.6 trillion, and the total outstanding national debt is more than $27 trillion. Which is now bigger than the U.S. Gross Domestic Product, the total size of the economy, which is about $21.4 trillion. They use another misleading concept. The argument they make is that the federal government has borrowed and spent more than $ 5 Trillion of money that was in the social security fund. So they use the term debt owned by the public to exclude debt owned by the Social Security fund. It is all debt that has to be paid back. The fact that $5 trillion of the debt is owed to another government agency means nothing!!! Just think of it as Enron accounting. What our government has been doing on many fronts are the same things that we have put people in jail for in the past - especially the Federal Reserve!! So how Much Debt is Too Much? It's no different than managing your own household debt. Once you get close to your own debt ceiling that you can manage, any emergency pushes you over the edge. The huge difference between the government ceiling and a household is the Fed. The household can't print their money, but the federal government can. So they kick the can via the Federal reserve. The federal deficit for the fiscal year 2019 that ended last September 30 was $984 billion. It has nearly quadrupled this year to a staggering $3.7 trillion, and this will skyrocket even further if another round of pandemic aid gets passed. These sums — so vast as to be nearly incomprehensible — get added on to the national debt, which as of last week surpassed the 27 trillion thresholds, up 33.6% on Trump’s watch. The US debt now exceeds the size of the entire economy . The Congressional Budget Office projects a federal budget deficit of $3.3T in 2020, more than triple that of 2019's shortfall, mostly from the economic disruption caused by the pandemic and the ensuing legislative response. In the fiscal year that begins on Oct. 1, federal debt held by the American public is also projected to reach or exceed 100% of US GDP for the first time since WWII. That would put the U.S. in an exclusive club of nations, including Japan, Greece, and Italy, which all have debt loads that exceed their economies. Ain't our lazy corrupt Do Nothing, corporate conservative Congress Great!! There are the best money can buy! Deficits don't matter, until one fine day, they do. How did you go bankrupt? Two ways, Gradually, then suddenly. Why should asset managers on commission worry about the national debt. They only worry about their commission. The interest rate shall artificially depress for the next decade or two or even into the infinity as the US is at no meant to pull itself out from the debt addiction. Everyone who read not from the mainstream media could figure out this is a bankrupt country. FED prints dollars and pass it to the treasury. The only reason it does not happen like what you witness in Zimbabwe is the US$ has a reserve currency status. However, we also knew that many countries are working to pass this and eventually abandoning using dollars for trade. The whole effects would surely make everyone who holds this currency nervous, and eventually, the trick of Modern Monetary Theory will come to an end. We have had high debt for so long that it has become accepted as a norm. We ignore the dangers. We have had a big surprise this year with the pandemic. We could have a big surprise another year that suddenly made the debt a much bigger problem. The reason the markets are not worried about the astronomical deficit rocketing ever higher is that they are making money, and they know when this house of cards collapses, it will Mom and Pop America and Main Street, not Wall Street, that pays the tab for this recklessness. Markets never worry. People profiting from current fiscal policy stay the course believing they'll take their profits before anything really bad happens. Thus far, there are plenty of greater fools doing their part to keep it going. It's all fun and games until the keg blows up from too much pumping. More pain is coming. It's okay to borrow to infinity for war, a virus, or to subsidize a tax cut to the extremely wealthy, but it's not okay for social security and medicare, which was allowed to be put in a trust fund (glorified IOUs). The veil is lifting. The magic is coming to an end. A great calamity is coming. Welcome to the arena! Interest rates at 0% force savers to push money into the market. The one percent insider traders make money on the push, then switch their positions to shorts and make money on the crash. Then the middle class is left holding the bag and have their nest eggs stuck in stocks that won't rebound for another ten years. Welcome to the American Dream. The insiders all sold everything weeks before the virus hit. What do you think they did in March? Buckle up! Welcome to the FED's ridiculously distorted economy. There is no free lunch. We Americans are taking it out on other countries that use the U.S. dollar. In Forex markets, the dollar has been falling. Other countries feel pressured to devalue their own currency, eating American inflation. China, a major inflation eater for Americans, is now balking because of the trade war. It hurts other countries to make life easy for us, especially their working-class people. But the real deal is that the dollar has the value it has because its the currency the world deals oil in. What would a dollar be worth if China's Petroyuan is launched as an alternative following a US loss of control over most of the oil in the middle east? Half the value? A third? Can you imagine seeing the money you have been saving for pension all your life lose 70% of its value overnight? The fiat money system has now been corrupted to the point where predators are now trying to feed on each other, having killed the real economy that was their main source of food. Fiat currencies are headed for the trash heap. The chance of the price of resources going up is as close to a lead pipe guarantee as at any time in world history. The U.S. government doesn't care how much money it hands out; this is the last raid on the treasury before the country goes bankrupt. The world has entered the greatest depression in history. The pandemic didn't cause it. $250 trillion in debt that can mathematically never be repaid caused it. Something bad is already happening.The central bankers are waging war on us. America is being taken down, and Americans are too braindead to even notice. The central bankers are getting ready to usher in their cashless society, global cryptocurrency enslavement plan. And of course, Americans have no clue. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have donated. Stay safe and healthy friends! Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics