National Debt To Double From $17.0 Trillion To $34.0 Trillion?
Posted in the Banking Forum
#1 Nov 2, 2013
Read this: By Michael Lombardi | Business 2 Community – 4 hours ago
National Debt To Double From $17.0 Trillion To $34.0 Trillion? image 011113 PC lombardiNational Debt To Double From $17.0 Trillion To $34.0 Trillion?Can it be true?
The U.S. Department of the Treasury has reported that for the federal government’s fiscal 2013 year, which ended on September 30, 2013, the U.S. government budget deficit was $680 billion—the smallest budget deficit in five years.(Source: Bureau of the Fiscal Service, October 30, 2013.)
Should this be taken as great news? No, it’s “smoke and mirrors,” as I will explain below. But the mainstream certainly thinks this year’s budge deficit, which came in below $1.0 trillion, is good news. They forget that no matter how you look at it, any budget deficit, no matter how small or large, is adding to a bigger problem at hand—our massive national debt...
Let’s face it: a budget deficit at the end of the day means the government spent more money than it received. Where does this extra money that the government spends come from? The answer is simple: it borrows. And as a result, the national debt rises.
Our national debt has increased significantly over the past few years. At the beginning of 2008, the U.S. national debt stood at $9.2 trillion. Today, it stands above $17.0 trillion.(Source: Treasury Direct web site, last accessed October 31, 2013.) This represents an increase of almost 85% in the national debt in the matter of a few years.
I believe the national debt will double from here…from $17.0 trillion to $34.0 trillion..
My point: Who is there to pay for the Debt??? And this Debt Doubling may take less than four years!!!
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