Michael Snyder
The U.S. government is currently constructing the most colossal monument in the history of the world. It is a monument of debt, and we will forever be remembered as the nation that piled up far more debt than anyone else ever did. For decades, this generation has been recklessly spending the money of future generations of Americans. Most people seem to think that we are totally getting away with this swindle, but the truth is that the party is almost over. Our national debt has already surpassed the 36 trillion dollar mark, and according to usdebtclock.org at our current rate of spending our national debt will surpass the 51 trillion dollar mark four years from now.
In January, Donald Trump will be faced with some very difficult decisions regarding our debt as soon as he is inaugurated…
It’s going to be an urgent issue for Trump as soon as he takes office. The federal government will resume the cap on its borrowing authority on Jan. 1, as the U.S. sits on a national debt of more than $36 trillion, though the Treasury Department can buy time for a number of months with so-called extraordinary measures. The fiscal time bomb illustrates the struggle Trump and Republican leaders face heading into 2025, as they consider whether to court Democrats who will want concessions or their own conservatives who are known for rigidly sticking to their demands to cut funding.
If Trump decides that it is time to cut spending, that will make our short-term economic problems even worse.
But if he decides to keep spending money at current levels that would be suicidal.
Most Americans have no idea how difficult it is to spend a trillion dollars.
If you spend one dollar every single second, you could spend a million dollars in just twelve days.
If you spend one dollar every single second, you could spend a billion dollars in 32 years.
But at that same rate, it would take you more than 31,000 years to spend a trillion dollars.
Let me give you another illustration.
If you were alive 2000 years ago and you started spending one million dollars every single day when Christ was born, you still would not have spent one trillion dollars by now.
That is how large one trillion dollars is.
But the United States is not one trillion dollars in debt.
The United States is 36 trillion dollars in debt.
And as I discussed the other day, we will never pay that debt off.
A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. That amount of money would still not be enough to pay off one-third of the U.S. national debt.
But if you are determined to do something, the government wants you to know that you can help.
If you can believe it, the government is actually taking online donations that will be used to help pay off the national debt.
Or at least that is what they are claiming.
Read More: Unless Something Changes, 4 Years From Now We Will Be 51 Trillion Dollars In Debt
