{"id":34428,"date":"2018-05-22T05:44:13","date_gmt":"2018-05-22T10:44:13","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34428"},"modified":"2018-05-22T05:44:13","modified_gmt":"2018-05-22T10:44:13","slug":"the-u-s-is-shackled-by-historic-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34428","title":{"rendered":"The U.S. is Shackled by Historic Debt"},"content":{"rendered":"
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The U.S. is Shackled by Historic Debt<\/a><\/h3>\n<\/div>\n
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Do you feel as if you\u2019re drowning in debt? It\u2019s worse than you think. The U.S. government reached a new milestone when our country\u2019s debt topped $21 trillion for the first time. The national debt grows by an average of $17,000 every second \u2013 more than some people earn in an entire year. That\u2019s only an average, and During the past eight months, the national debt grew by $52,000 per second. And the trend toward bigger and higher spending is only getting worse.<\/div>\n<\/div>\n<\/div>\n<\/header>\n
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The ratio of national debt to GDP is at 105 percent, larger than the economy as a whole. In 1981, the national debt comprised a mere 31 percent of GDP. We are not moving in the right direction. The Treasury Department has plans to borrow $1 trillion this year<\/a>, an 84% jump from last year.<\/p>\n

When individuals borrow, they can use the money wisely to increase their wealth. That\u2019s what happens when people make good investments. What does the government do with all this money? While some of it may be put to good use, the National Science Foundation\u2019s spending $856,000 on having mountain lions run on treadmills can\u2019t be termed prudent spending. Nor can the $2 billion spent on former President Obama\u2019s healthcare website. In 2017, Brooklyn, NY spent $2 million<\/a> on a 400 square feet restroom in a public park. Flushing money down the toilet?<\/p>\n

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Even the government\u2019s legitimate spending is out-of-control. In 2017, half the entire budget went toward Social Security and Medicare. More than all tax revenues are spent on entitlement programs and defense. The rest is \u201cborrowed,\u201d and that creates interest payments. Of course, as the debt increases, so do the interest payments. Which means the government needs to borrow even more money just to pay interest on money it\u2019s already borrowed. What happens when the U.S. debt reaches $30 million? President Trump is showing no signs of curtailing this spending\/borrowing spree.<\/p>\n

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

The U.S. is Shackled by Historic Debt Do you feel as if you\u2019re drowning in debt? It\u2019s worse than you think. The U.S. government reached a new milestone when our country\u2019s debt topped $21 trillion for the first time. The national debt grows by an average of $17,000 every second \u2013 more than some people […]<\/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":[195,18792,20197,827,843],"class_list":["post-34428","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-gold-telegraph","tag-lawerence-thomas","tag-united-states","tag-us-government"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34428","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=34428"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34428\/revisions"}],"predecessor-version":[{"id":34429,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34428\/revisions\/34429"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}