We are living in the terminal phase of the greatest debt bubble in history and our debt just keeps getting bigger
by: Tracey Watson
NaturalNews.com
Monday, June 25, 2018
Back in 1882, a wise man named James Lendall Basford noted that “a man in debt is a man in chains.” If that is true of an individual, what should be said for an entire nation in debt to the tune of 21 trillion dollars? Shockingly, that is exactly true of the United States today. And it gets worse: While the national debt has reached 21 trillion, when all forms of American debt are calculated, that figure escalates to a staggering 70 trillion dollars.
As reported by The Economic Collapse Blog, many people are laboring under the misapprehension that the country’s financial woes are a thing of the past, that the terrible effects of the 2008 financial crisis are no longer being felt, and that America is once more on its way to being great again.
While there has certainly been a marked upswing in the economy of late, it is simply not sustainable to have the country’s national debt continuing to grow at a rate that outpaces its growth in gross domestic product (GDP).
As the Economic Collapse Blog notes:
Many people seem to believe that the debt imbalances that existed prior to the great financial crisis of 2008 have been solved, but that is not the case at all. We are living in the terminal phase of the greatest debt bubble in history, and with each passing day that mountain of debt just keeps on getting bigger and bigger. …
[T]hose that are forecasting many years of prosperity to come are simply being delusional. Our current standard of living is very heavily fueled by debt, and at some point we are going to hit a wall.
Swimming in debt
Lending Tree, a loan comparison website, warns that consumer debt on non-essentials like credit cards, and personal, vehicle and student loans, is likely to reach 4 trillion dollars by the end of the year. That’s a startling 26 percent of the nation’s income – a figure that has increased from 22 percent since 2010.
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