Our challenge for this session is to peek behind the gaslighting known as modern economic theory and ponder the realities of our national debt, now $35.28 trillion. And climbing. Exponentially. The national debt actually increased by $17.96 trillion over the last ten years. For some context, total consumer debt – all the mortgage, auto, credit card, and student loan balances – is another $17.80 trillion.
In other words, just the increase in our national debt over the past decade went up by the same amount as the sum of all existing private debt currently owed by the entire population. (By the way, the national debt number doesn’t even include so-called unfunded liabilities like social security and medicare which, if included, would roughly triple that official debt number.)
Here’s the ultimate prize – yes, a free dessert – for the first person to offer any credible, or even an incredible, plan to grow out of this existential problem, something beyond a timeline featuring a point labeled “then a miracle happens.” That challenge goes not only to the principal but to its ultimate servicing given the quote attributable to Einstein that the most powerful force in the universe is compounding interest (“eighth wonder of the world”)...
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