“He who goes a-borrowing, goes a-sorrowing.”

                                                                                  Ben Franklin.

As this chart illustrates, the US debt has grown at an alarming rate in recent years and is on track for an inevitable catastrophe.  While this chart illustrates a government out of control and out of sync with reality, the government debt is only the tip of the iceberg.  These numbers do not even reflect the HUGE unfunded liability for Medicare, Medicaid or Social Security.  If you add those unpaid promises to the mix and you will find that the real government debt exceeds $61 trillion.  But that is not the end of the sorry debt story.  Individuals and families also owe on mortgages, credit cards and loans a whopping $14 trillion.   Think about that.  Add it all up….  that is $75 trillion. Or put another way, over $ 240,000 per person living in the United States right now.

And being even more realistic since only about 42% of the population actually works and pays taxes…….  each employed citizen is on the hook for over $560,000.  I know, that is ridiculous.  Any ideas for how this will be funded other than a total collapse of the dollar?

Will there be anything left to live on….. I suspect not for most of us.  The clock is ticking and NOW is the time to consider your alternatives while you still have a chance.  As the dollar continues to decline in value with the unparalleled printing of US dollars backed by absolutely nothing, the value of your savings will quickly erode.

Tagged as: debt crisis, inflation, medicare, social security