{"id":34566,"date":"2018-05-28T09:12:24","date_gmt":"2018-05-28T14:12:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34566"},"modified":"2018-05-28T09:12:24","modified_gmt":"2018-05-28T14:12:24","slug":"why-america-is-heading-straight-toward-the-worst-debt-crisis-in-history","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34566","title":{"rendered":"Why America Is Heading Straight Toward The Worst Debt Crisis In History"},"content":{"rendered":"
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Why America Is Heading Straight Toward The Worst Debt Crisis In History<\/a><\/h3>\n<\/header>\n
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\"\"<\/a>Today, America is nearly 70 trillion dollars in debt, and that debt is shooting higher at an exponential rate.\u00a0 Usually most of the focus in on the national debt, which is now 21 trillion dollars and rising, but when you total all forms of debt in our society together it comes to a grand total just short of 70 trillion dollars.\u00a0 Many people seem to believe that the debt imbalances that existed prior to the great financial crisis of 2008 have been solved, but that is not the case at all.\u00a0 We are living in the terminal phase of the greatest debt bubble in history, and with each passing day that mountain of debt just keeps on getting bigger and bigger.\u00a0 It simply is not mathematically possible for debt to keep on growing at a pace that is many times greater than GDP growth, and at some point this absurd bubble will come to an abrupt end.\u00a0 So those that are forecasting many years of prosperity to come are simply being delusional.\u00a0 Our current standard of living is very heavily fueled by debt, and at some point we are going to hit a wall.<\/p>\n

Let\u2019s talk about consumer debt first.\u00a0 Excluding mortgage debt, consumer debt is projected to hit the 4 trillion dollar mark by the end of the year<\/a>\u2026<\/p>\n

Americans are in a borrowing mood, and their total tab for consumer debt could reach a record $4 trillion by the end of 2018.<\/p>\n

That\u2019s according to LendingTree<\/a>, a loan comparison website, which analyzed data from the Federal Reserve on nonmortgage debts including credit cards, and auto, personal and student loans.<\/p>\n

Americans owe more than 26 percent of their annual income to this debt. That\u2019s up from 22 percent in 2010. It\u2019s also higher than debt levels during the mid-2000s when credit availability soared.<\/p><\/blockquote>\n

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

Why America Is Heading Straight Toward The Worst Debt Crisis In History Today, America is nearly 70 trillion dollars in debt, and that debt is shooting higher at an exponential rate.\u00a0 Usually most of the focus in on the national debt, which is now 21 trillion dollars and rising, but when you total all forms […]<\/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":[12623,3896,4365,11540,2517,12900,10067,195,18658,4106,18659,14713,1782,15300,3461,14928,6069,15304,15305,15306,6061,317,14393,20256,4901,549,16836,1469,16837,16838,16521,3900,14726,16839,827],"class_list":["post-34566","post","type-post","status-publish","format-standard","hentry","category-economics","tag-auto-loan","tag-auto-loan-debt","tag-borrowing","tag-borrowing-money","tag-cancer","tag-credit-card","tag-credit-card-debt","tag-debt","tag-debt-cancer","tag-debt-crisis","tag-debt-levels","tag-debt-slaves","tag-debt-spiral","tag-debt-free","tag-debts","tag-drowning-in-debt","tag-economic-collapse-blog","tag-economic-pain","tag-economic-problems","tag-endless-debt","tag-financial","tag-financial-system","tag-in-debt","tag-making-debt-payments","tag-michael-snyder","tag-national-debt","tag-paychecks","tag-stress","tag-stressed","tag-stressed-out","tag-student-loan","tag-student-loan-debt","tag-u-s-national-debt","tag-under-stress","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34566","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=34566"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34566\/revisions"}],"predecessor-version":[{"id":34567,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34566\/revisions\/34567"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}