Guest Post by Martin Armstrong
A new billboard launched in New York City’s Times Square is sounding the alarm on America’s growing national debt crisis. “Scared of the national debt? You should be.” US national debt spiked past $34 trillion at the top of the year and continues to rise due to massive spending packages. Now that America is committed to funding two largescale wars and 7.2+ million new migrants, America will continue sinking deeper in a hole.
The Committee to Unleash Prosperity (CTUP) funded the billboard and said its aim to inform the voting public on the policies that will destroy this nation. CTUP says that this is a bipartisan problem that must be revealed to average person. Their website quotes Milton Friedman:
“Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep your eye on is what government spends, and the real problem is to hold down government spending as a fraction of our income, and if you do that, you can stop worrying about the debt.”
The average person does not realize that these “free” aid packages to Ukraine, Israel, Taiwan, the migrants, climate change, etc., come at the expense of the US taxpayers. YOU are paying for all of these measures. Government has and will raise taxes in order to fund these fiscal measures but they will NEVER collect enough revenue from the people to cover their spending. Then these measures lead to rising inflation where goods cost significantly more and our dollar is worth significantly less.
The Congressional Budget Office stated that national debt reached 97% of GDP by the end of 2022. I repeatedly point to Jerome Powell’s 60 Minute interview where he breaks with Washington to point out how utterly unsustainable government policy has become. “How do you asses the national debt?” the interviewer questioned the Fed chairman. “We mostly try very hard not to comment on fiscal policy and instruct Congress on how to do their job,” Powell answered, adding that Congress has oversight on the Fed and not the other way around.
“In the long run, the US is on an unsustainable fiscal path. The US federal government is on an unsustainable fiscal path and that just means that the debt is growing faster than the economy,” Powell finally warned, later adding, “effectively, we are borrowing from future generations.” He warned that we must begin to prioritize fiscal policy immediately to fix this unending crisis. Again, his comments were unprecedented as his agency is largely unable to criticize Washington. How is the Federal Reserve supposed to regulate price stability when their overlords are doing everything possible to steer the nation’s economy off the deep end?
So what can the public do and what’s the point of this billboard? It begins with your voice and ends with your vote. Stop supporting these endless wars, they are only hurting the nation from within and are NOT meant to attain victory or liberate anyone. We are not helping the people of Ukraine by prolonging their war. We are not saving the world by throwing money at climate change policies. We simply do not have the resources to fund millions of migrants who continue to show up at the border every minute. All of these policies are hurting the economy and, ultimately, the future of America and the American people.
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Both my financial advisors, Fidelity and a local one, are bullish, they can’t understand why I am not, though they agree with every reason I give them.
A Soviet style fiscal collapse is coming for the US, which also means also for the world, which could make 1929 look like an enjoyable picnic. The question is not if, but when?
Notionally, there are correct.
In purchasing power, not so much.
https://www.investopedia.com/terms/n/notionalvalue.asp
Notional value is a term often used by derivatives traders to refer to the total value of the underlying asset in a contract.
Notional value is the same as face value, used to determine payments on a financial asset.
The notional value of derivatives contracts is much higher than the market value because leverage is used.
Notional value is integral in assessing portfolio risk and can be very useful when determining hedge ratios to offset that risk.
Notional value can be applied to interest rate swaps, total return swaps, equity options, and foreign currency derivatives.
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https://www.merriam-webster.com/dictionary/notional
Leverage and usury are extractive, not creative: theoretical wealth. Ones and zeroes, as opposed to actual dinner.
For example
I nowadays use ‘notional’ to describe the “value” of an US Dollar, as that has become an entirely fictitious concept.
If they were not bullish they would be fired. So that means they are paid to lie. Ask them this. If the market is not controlled and therefore totally unpredictable how can market lose $9T in just 2 years to CDs and MMFs (biggest move away from stocks in US History) and go to new highs? Impossible in a free and unrigged market. See what they say to that.
Just join the Nancy Pelosi investment club, that only buys and sells what Pelosi and her husband buy and sell. They only make money in the market, they never lose any money.
Martha Stuart tried that once.
Their heads will be on a pike soon.
I don’t think we’ll have time for that sort of shit once the heads start coming off. Leave ’em where they fall and keep swinging. Others ARE waiting!
Tick tock……………when the interest on debt exceeds the entitlements and military…………..its game over.
At this rate of debt expansion…………….I give it 3 years max.
Prep like your live depended on it because it does.
zap is right on target again. Things are going to collapse soon. We had better be ready.
lol…”The US federal government is on an unsustainable fiscal path and that just means that the debt is growing faster than the economy ”
OMG !!! If we can’t pay the self-appointed money creators back, the great and benevolent federal will collapse and we’ll all be enslaved by those who make the shekels out of thin air ….buy more gold and live free or die….reeee
Putin leveling the City of London…but muh capitalism and all those money-from-nothing creators, gone but forgotten….reeeeee
The hardest part of my job is exchanging my dwindling time on Earth for money that is more and more worth less and less.
I am retired, all I do is watch the money I saved for retirement buy less goods and services. Time is abundant, money to do something is not.
Try less expensive hobbies. For instance…shit flinging is totally free! You might even discover that it appeals to you after a time. That’s gonna depend on your targets.
WHY ARE “WE” STILL BRINGING UP THIS “DEBT BS” WHEN HUMANITY WAS “NEVER FOR SALE” IN THE FIRST PLACE?????? RE-MEM-BER??????
WHO “CREATED” THE “DEBT” FOLKS???
Are you on meth?
Islam – the Fentanyl of religions.
People should be but they are not. Most people do not understand basic economics you think they can relate to deficit spending and the fallacy of US financing its own debt.
“The House of Representatives overwhelmingly passed a 1,050-page Omnibus bill to avoid a potential government shutdown.
The spending package passed by a vote of 339-85.
207 Democrats and 132 Republicans supported the bill.”
So, let me explain. To prevent a shutdown because of our overspending we just passed a new overspending bill. Otherwise known by adage “a rolling loan gathers no loss”. Why pay taxes?
We previously passed an inflationary “Inflation Reduction Act”. Orwell called that double speak.
The ONLY thing keeping this going right now is constant and growing QE………to the MOON ALICE!!!…….
So…Socialism is actually SAVING us? Helicopter money is the ANSWER?
I can’t credit that you’d take that position. At best, it postpones the inevitable.
Who cares about debt ? No one, it’s the final year on earth, only fools use credit cards , we don’t pay 40% interest, we use CASH, it’s zero % nothing
If it is the final year on Earth, why not use credit cards and run up your debt, you will never have to pay it off, as it will be the end of the Earth. Your logic makes no sense.
You remind me if the dippy hippies in the 60’s that sold all their possessions for money and then went and hid in a cave for the end of the Earth. Why did they need money if the Earth was ending? The leaders that lied to them got all the money, they got the shaft. Alas, then like now, the world did not end any of those years.
Final year on earth? I wouldn’t be too sure of that. Credit cards are useful if they’re without fee and if the balance is paid in full at the end of the 25 day interest free grace period, particularly if one gets cash “rewards” now and then.
You are off by at LEAST 1000 years.
The road to the future will be paved with the bones of the indebted and their maxxed out credit cards.