{"id":27422,"date":"2017-10-30T06:32:51","date_gmt":"2017-10-30T11:32:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27422"},"modified":"2017-10-30T06:32:51","modified_gmt":"2017-10-30T11:32:51","slug":"will-americas-prosperity-be-completely-wiped-out-by-our-growing-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27422","title":{"rendered":"Will America\u2019s Prosperity Be Completely Wiped Out By Our Growing Debt?"},"content":{"rendered":"
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Will America\u2019s Prosperity Be Completely Wiped Out By Our Growing Debt?<\/span><\/a><\/h3>\n<\/div>\n
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\"\"<\/a>The federal government is now 20.4 trillion dollars in debt<\/a>, and most Americans don\u2019t seem to care that the economic prosperity that we are enjoying today could be completely destroyed by our exploding national debt.\u00a0 Over the past decade, the national debt has been growing at a rate of more than 100 million dollars an hour<\/a>, and this is a debt that all of us owe.\u00a0 When you break it down, each American citizen\u2019s share of the debt is more than $60,000, and so if you have a family of five your share is more than $300,000.\u00a0 And when you throw in more than 6 trillion dollars of corporate debt and nearly 13 trillion dollars of consumer debt, it is not inaccurate to say that we are facing a crisis of unprecedented magnitude.<\/p>\n

Debt cannot grow much faster than GDP indefinitely.\u00a0 At some point the bubble bursts, and when it does the pain that the middle class is going to experience is going to be off the charts.\u00a0 Back in 2015, the middle class in the U.S. became a minority of the population for the first time ever<\/a>.\u00a0 Never before in our history has the middle class accounted for less than 50 percent of the population, and all over the country formerly middle class families are under a great deal of stress as they attempt to make ends meet.\u00a0 The following comes from an absolutely outstanding piece that was just put out by Charles Hugh Smith<\/a>\u2026<\/p>\n

If you talk to young people struggling to make ends meet and raise children, or read articles about retirees who can\u2019t afford to retire, you can\u2019t help but detect the fading scent of prosperity.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Will America\u2019s Prosperity Be Completely Wiped Out By Our Growing Debt? The federal government is now 20.4 trillion dollars in debt, and most Americans don\u2019t seem to care that the economic prosperity that we are enjoying today could be completely destroyed by our exploding national debt.\u00a0 Over the past decade, the national debt has been […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,14713,1782,15298,12588,15299,15300,3461,15303,6069,15304,15305,15306,1866,6061,317,15307,4901,6231,549,15309,15310,11960,12026,8645,14726],"class_list":["post-27422","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-debt-slaves","tag-debt-spiral","tag-debt-based-currency","tag-debt-based-financial-system","tag-debt-based-money","tag-debt-free","tag-debts","tag-depressions","tag-economic-collapse-blog","tag-economic-pain","tag-economic-problems","tag-endless-debt","tag-federal-reserve-act","tag-financial","tag-financial-system","tag-fix-the-economy","tag-michael-snyder","tag-michael-t-snyder","tag-national-debt","tag-shut-down-the-federal-reserve","tag-shut-it-down","tag-the-fed","tag-the-federal-reserve","tag-the-u-s-dollar","tag-u-s-national-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27422"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27422\/revisions"}],"predecessor-version":[{"id":27423,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27422\/revisions\/27423"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}