We will soon have over $58 trillion in unfunded public debt obligations. That is close to $500,000 for the average family household. The figure mounts every day our legislators are in Washington.
That sounds worse when you figure that it is about ten times the average income of each American household. What is more, the amount grows because it is a debt that accrues interest.
And interest rates will eventually grow enormously. Plus, the value of the dollar to pay debt back will be worth less as our obligations mount. As inflation grows, interest levels may well triple or quadruple or go even higher. They can’t remain at today’s artificial fed levels forever.( See the Earl J Weinreb NewsHole® comments.)
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