analyticsbox | Jan 19, 2023
What your finances would be like if you were the Federal Government
When we discuss the Federal Government finances the numbers are soooooo big they are incomprehensible, MEGO (my eyes glaze over) numbers, So let’s try to scale it down to the size of your household. To do that, we will just lop off 8 zeros from the Federal data for the fiscal year ending September 30, 2021, the last data published by the Department of the Treasury.
Here goes:
(This data on ‘Credit Card Balance’ only includes interest-bearing debt for the U S. Excluded are the regular accounts payables of the government (12.4 trillion dollars) and Unfunded Obligations (71 trillion dollars - this is future obligations for Social Security and Medicare for which there are no sources of funding.))
You are bankrupt, and so is the Federal Government, it just doesn’t know it, yet, because it can still borrow or print money. And that is what some folks call a Ponzi Scheme as there is no source to repay the loans other than borrowing more money. It works until it doesn’t (that’s when no one will lend us money any more).
Think about this analogy. Suppose you came home one day and your water pipe had burst and your house was filled with water to the ceiling. What would you do?
Fix the broken pipe and drain the house, or
Raise the ceiling.
This choice comes to our Congress every year with the Debt Ceiling, next decision date: January 19, 2023. I will give you one guess what they do.
Need I say more?
BOTTOM LINE
What is happening to our Country is UNBELIEVABLE. And I hear all the time, ‘I won't worry about it since there is nothing I can do about it. I am just one person.’
BALONEY; speak up, speak out in any way you can. Join the Main Street Lobby and voice your opinion by going to our website and Contact Congress. It is easy, just enter name and address and Send. Use our message or write your own. If enough of us speak up, they will get the message.
Call your representative, let them know what you think. This is OUR Country and if we all sit and complain and do nothing while the Ship of State sails directly into the proverbial iceberg, shame on us.
LEARN ECONOMICS, THEN VOTE SMART