The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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The Mystery Of The Shemitah

The United States Of Debt: Total Debt In America Hits A New Record High Of Nearly 60 Trillion Dollars

America Is BrokeWhat would you say if I told you that Americans are nearly 60 TRILLION dollars in debt?  Well, it is true.  When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt.  That is an amount of money so large that it is difficult to describe it with words.  For example, if you were alive when Jesus Christ was born and you had spent 80 million dollars every single day since then, you still would not have spent 59.4 trillion dollars by now.  And most of this debt has been accumulated in recent decades.  If you go back 40 years ago, total debt in America was sitting at about 2.2 trillion dollars.  Somehow over the past four decades we have allowed the total amount of debt in the United States to get approximately 27 times larger.  This is utter insanity, and anyone that thinks this is sustainable is completely deluded.  We are living in the greatest debt bubble of all time, and there is no way that this is going to end well.  Just check out the chart...

Total Debt

When the last recession hit, total debt in America actually started going down for a short period of time.

But then the Federal Reserve and our politicians in Washington worked feverishly to reinflate the bubble and they assured everyone that everything was going to be just fine.  So Americans once again resorted to their free spending ways, and now total debt in the United States is rising at almost the same trajectory as before and has hit a new all-time record high.

We see a similar thing when we look at a chart for consumer debt in America...

Total Consumer Credit

For a while after the recession it was trendy to cut up your credit cards and get out of debt.

But that fad wore off rather quickly, didn't it?

It is almost as if 2008 never happened.  We are making the same mistakes with debt that we did before.

As I noted recently, total consumer credit in the U.S. has risen by 22 percent over the past three years alone, and at this point 56 percent of all Americans have a subprime credit rating.

And have you noticed that a lot of people are not afraid to extend themselves in order to buy shiny new vehicles these days?

During the first quarter 0f this year, the size of the average vehicle loan soared to a new all-time record high of $27,612.

Five years ago, that number was just $24,174.

And as I noted in one recent article, the size of the average monthly car payment in this country is now up to $474.

That is practically a mortgage payment.

Speaking of mortgage payments, even though home sales have been falling and the rate of homeownership in the United States is the lowest that it has been in 19 years, a very large percentage of those who own homes are still overextended.

In fact, one recent survey discovered that a whopping 52 percent of Americans cannot even afford the house that they are living in right now.

At the same time, an increasing number of Americans are acting as if the last financial crisis never happened and are treating their homes like piggy banks.   Home equity loans are soaring again, and when the next great crisis strikes a lot of those people are going to end up getting into a lot of financial trouble.

There has been much written about what is wrong with the housing industry, but the truth is that home prices are still way too high and young adults cannot afford to purchase homes because they are already loaded down by huge amounts of debt even before they get to the point where they are ready to buy.

In fact, a newly released survey found that 47 percent of millennials are spending at least half of their paychecks on paying off debt...

Four in 10 millennials say they are "overwhelmed" by their debt -- nearly double the number of baby boomers who feel that way, according to a Wells Fargo survey of more than 1,600 millennials between 22 and 33 years old, and 1,500 baby boomers between 49 and 59 years old.

To try to get out from underneath it, 47% said they spend at least half of their monthly paychecks on paying off their debts.

When I read that I was absolutely astounded.

Of course the biggest debt that many young adults are facing is student loan debt.  According to the Federal Reserve, there is now more than 1.2 trillion dollars of student loan debt in this country, and about 124 billion dollars of that total is more than 90 days delinquent.

What we have done to our young people is shameful.  We have encouraged them to sign up for a lifetime of debt slavery before they even understand what life is all about.  The following is an excerpt from my previous article entitled "Is College A Waste Of Time And Money?"...

In America today, approximately two-thirds of all college students graduate with student loan debt, and the average debt level has been steadily rising.  In fact, one study found that "70 percent of the class of 2013 is graduating with college-related debt – averaging $35,200 – including federal, state and private loans, as well as debt owed to family and accumulated through credit cards."

That would be bad enough if most of these students were getting decent jobs that enabled them to service that debt.

But unfortunately, that is often not the case.  It has been estimated that about half of all recent college graduates are working jobs that do not even require a college degree.

Considering what you just read, is it a surprise that half of all college graduates in America are still financially dependent on their parents when they are two years out of college?

According to the U.S. Census Bureau, only 36 percent of all Americans under the age of 35 own a home at this point.  That is the lowest level that has ever been recorded.

And we are passing on to our young people the largest single debt in all of human history.  Weighing in at 17.5 trillion dollars, the U.S. national debt is a colossal behemoth.  And almost all of that debt has been accumulated over the past 40 years.  In fact, 40 years ago the U.S. national debt was less than half a trillion dollars.

But this is just the beginning.  As the Baby Boomer "demographic tsunami" washes through our economy, we are going to be facing a wave of red ink unlike anything we have ever contemplated before.

Meanwhile, the rest of the planet is drowning in debt as well.

As I wrote about the other day, the total amount of debt in the world has risen to a new all-time record high of $223,300,000,000,000.

Our "leaders" keep acting as if these debt levels can keep growing much faster than the overall level of economic growth indefinitely.

But anyone with even a shred of common sense knows that you can't spend more money that you bring in forever.

At some point, a day of reckoning arrives.

2008 should have been a major wake up call that resulted in massive changes.  But instead, our leaders just patched up the old system and reinflated the old bubbles so that they are now even larger than they were before.

They assure us that they know exactly what they are doing and that everything will be just fine.

Unfortunately, they are dead wrong.

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  • MeMadMax

    Russia cutting off gas to ukraine, ochooma letting iraq blow up so that oil explodes among other things like saudi arabia taking over the entire middle east…

    This is starting to get good.

    • alan

      Looks exactly like thats what they are doing.

      Its like a light switch flipped and everyone is scrambling for something. However the west is not doing anything.

  • Guest

    “As the Baby Boomer “demographic tsunami” washes through our economy, we are going to be facing a wave of red ink unlike anything we have ever contemplated before.”

    Absolutely. The $17.5 trillion national debt does NOT include future (unfunded) liabilities for social insurance programs. And those liabilities are in the tens of trillions.

    Like last fiscal year, the annual budget deficit for the current fiscal year, which ends Sept. 30th, will likely be under $1 trillion. However, the trillion dollar annual deficits will return in the near future as federal spending for Social Security and Medicare increases.

    • Tatiana Covington

      The answer for this is to slow, stop, reverse, and prevent aging itself. Thus one would not be senile and decrepit at 80 or 90, but healthy and robust at 150 or 200.

      One should go for Immortalism!

      • bluesky

        I already have that one.

    • Douglas M. Green

      This does not consider that we very well may be entering another recession with even the bogus gubment figures showing a contraction of close to 2% last quarter. Another downturn, this time with ZIRP and labor force participation near all time lows, will add to our $17.5 on balance sheet debt via entitlement rolls, lower consumer spending, wages, taxes collected etc. that accompany downturns. This quarter looks bad too. I guess in Q1 it was too cold to shop even online. Now the weather is so good, everyone is outside sunning instead of shopping. Expect more and more bizarre BS from the MSM to explain away the lack of consumer spending. Bush would have been crucified by the MSM with this economy.

    • Bill

      What year were you born, just curious–

    • The Penitent Man

      Ever heard of the CAFR (Comprehensive Annual Financial Reports)?

      When politicians in America talk about the debt and the budget they leave out their investments. Our corporation (United States of America) is rich, rich, rich!

      Look into the CAFR.

  • Bill

    I wonder what Uncle Sam’s credit score is?

    • Guest

      Pretty low. But it doesn’t matter because Uncle Sam can rely on Aunt Yellen to print whatever Sam needs. :-)

    • Tatiana Covington

      -300 or so.

      • Oldphartbsa

        -170 trillion (when you add up all the debt and derivatives)

  • K

    Student debt is the big difference, along with lower paying jobs. Five years into the workforce.I had enough for a down payment on my first place. Most of the folks I know, their kids at five years into the workforce, are still living at home. One of the people I know, their son just managed a down payment on his first place 12 years into the workforce. I got my first place at 23 years old. He is getting his first place at 34 years old. That is a major difference, that will affect his whole life.

    • kfilly

      Don’t worry we’ll pick up the tab by forgiving the debt. Obama has a plan. It will all work out. (Rolling my eyes). The sad part is people believe all of that. Obama does have a plan to forgive the students of their debt. The problem is that it is just like another bailout. The sheep won’t get that they are getting screwed again.

      • MeMadMax

        And on top of that, forgiving debt causes prices to go even higher.

        • kfilly

          But…but…but…they said it was free. A majority of people in this country are dumb.

    • CullTheHerd

      “That is a major difference, that will affect his whole life.” – Wrong. He has NO life or future. I know because I’m slightly younger – forced to live on obamacare, food stamps, and student loan forgiveness. Basically just waiting to die at this point. It will be many years before I can get my own entrepreneurial endeavors underway, something all will have to do soon.

      • K

        Wow, I can agree with most of what you said. But at your age, waiting to die? Tell me you are kidding. Even at my age, I still fight the bastards every way I can. I see you have some hope of some day, starting your own enterprise. So tell me you are not thinking of giving up. You know that is exactly what the so called elites want, don’t you?

    • Priszilla

      My parents never owned their flat. I bought them a house from cash I saved. I still move for each job. Still renting as cheap as I can find. Right now we pay £400 for a small house.

    • MeMadMax

      At 33, I have all but given up on the notion of getting a house. Even thou I am a vet and supposedly there are “guaranteed VA loans” out there.

      I won’t touch it with a ten foot poll…

      Besides, what little resources I do have is going into prepping as best I can in an apartment…

  • Bill

    Will—–Baghdad fall?
    Nukes fall from B-2″s?
    Gas soar over $4/gal?
    Mortgage payments be delinquent again?
    Stocks crash again?
    No No No–the gov stats say all is well.
    What’s that smell coming from the fan?
    Yes Yes Yes now you know the truth!!!

    • Robb

      That smell is B.O. from the WH.

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    • Bill

      U.S. Troops on the way. What’s next?

    • none

      GOOD NEWS BILL:
      The president has figured out how to save money!
      He has only reduced the size of the staff at the embassy in Bagdad!
      This way when the ? overruns it they can capture an entire advanced N.S.A. Eavesdropping facility!
      It was suppressed, the reason for building such a large embassy. But think of how the Chinese will love to be able to capture it.
      They might even be able to break our encryption codes, just like the Russians did to the 6th fleet in the 1980′s

    • disqus_4Jy24XjH8I

      Just paid $4.20/gallon here in So. California today.

      • Dorchester

        Wish that our petrol (gas) was that price. Here in the UK it is over TWICE that !

  • James

    Many vacation destinations are booked despite low incomes. Can only be people going into more debt.

    • jakartaman

      A lot of Americans feel “Entittled ” to vacations and new cars etc.
      Yes- debt

  • Paul

    There will come a day when gas hits $5 dollars a gallon in America. As food and energy gas prices continue to soar conditions will continue to deteriorate in America and globally.

    • Phil from Germany

      We pay here in Germany $ 4.34 Gallon for regular, and think its normal. Many other European countries pay alot more. You need a bank loan to fill up in the UK, well nearly.

      • alan

        The UK may be closer to the end than we are. Once the first domino goes they will all go. At least we can point the finger at them saying they caused it all.

        • CullTheHerd

          True statement – Peter Schiff writes that “when the sideshow in Europe is over, the curtain will rise on the main event in the US”.

      • Priszilla

        In uk, regular is £1.25 per litre. Diesel £1.35

  • Paul

    The people who blindly support Obama need to wake up. Keynesian policies are not viable. Money velocity metrics are at an all time low. Housing numbers continue to get worse. QE is not about the middle class. It is designed to enrich the elite.
    The liberals would be singing a different tune if Romney was in office.

    • frankensteingovernment

      LMAO. Romney is an elite banker with 5 mansions. A sucker is born every minute. This country currently has about 300 million suckers.

      • kfilly

        I don’t know if sucker is the right word. Brain dead apathetic zombie sounds more appropriate.

        • Nicknakthetruthspeaker

          just count the numbers of Xbox sold In the USA.

  • Gary

    Just who is all this money owed to? In others words who is on the other side of this debt? This is the issues that need to be examined.

    • JasonD

      That’s what I keep wondering. Everybody owes all this debt. Who do we owe it to? The federal reserve? The elites??

      Michael? Can you do an article on this? I’ve always wondered who the counterparty is. The start of fixing any problem is knowing all the facts.

      Who???

      • kfilly

        The Bank of International Settlements (BIS). It is the Reserve Bank for Reserve Banks. It is located in Basel, Switzerland which is the real reason Switzerland was neutral during WW I & WW II (Location of criminal bankers who funded both sides). The BIS is owned by the Rothschild family. However, there are other families involved. The Warburgs, Du Ponts, and the Rockefeller families are in on this. Then there are traitors like the Bush family, Obama, the Clintons, Kissinger, Hank Paulson, Ben Bernanke, and Donald Rumsfeld. Google it.

        • Gary

          I didn’t know this is the reason Switzerland is neutral but makes sense. Why does the Vatican use Swiss guards? Anything to do with the Bank of International Settlements?

      • bluesky

        The FR takes Treasury’s, and they sell them to other banks, countries,
        and people who buy them with other fiat currency.

    • Angry Jesus

      The “Who” is the same on both sides of the coin. A more insightful question would be to ask oneself who owns the coin. Which then begs the question: Why is there a coin at all? And yes, I’m still angry.

      • Firstgarden

        The Who was also a pretty cool band.
        And I’m angry too.
        :-{

    • kfilly

      The Bank of International Settlements (Rothschild family). I put another post further down, and I don’t feel like re typing everything. Check that out.

    • bluesky

      The owners of the Federal Reserve, and the
      owners of treasury’s.

      • Gary

        The Federal Reserve is illegal, & prints money out of thin air. Why pay them anything? Place them in the hoosegow and throw away the key.

  • Dawes

    Because of all of this debt, interest rates will probably stay low for the foreseeable future. The fed has no other choice.
    Despite that, there will eventually be a huge amount of foreclosures and defaults, and probably tremendous inflation as well.
    I give it 12 more years before the catastrophic hard times hit.

    • frankensteingovernment

      Predicting is hard- especially about the future.

      • Mike Smithy

        Classic. I think that is a famous Yogi Berra quote. Good stuff.

        • Drud

          “When you come to a fork in the road, take it.”

    • Mike Smithy

      Certainly the Fed desperately needs to keep interest rates low. However, they may not have this as an option if the dollar loses it’s reserve status.

  • DJohn1

    We cannot afford the government we have.
    The economic war with Russia and China has been lost.
    Now what do we do?
    I suggest we do the same thing any family that finds themselves overwhelmed in debt. Declare bankruptcy.
    Start over.
    There are certain things that have to be maintained through any bankruptcy. Obligations to the public is the most important. We have dependents that have to have the funds to survive.
    The luxuries have to go. We can no longer give out foreign aid to anyone.
    We should dismantle all the letter agencies.
    Our space program must go.
    We have to re-establish our balanced budget as soon as possible and get rid of the mentality that says we have infinite amounts of funds to work with.
    We have to settle on an established formula for trading currencies with other nations that is realistic. That means countries that are taking advantage of low currency rates to our disadvantage have to be set straight. It means tariffs if they don’t get set straight.
    All old currency has to be turned in and a new currency has to be issued. The new currency will be on a ratio of 10-1. Meaning $10 = $1 in the new currency. All mortgages and loans transfer 10-1 as well.
    WE as a country have to make changes. Those changes mean we produce our own retail goods for our country not borrow money from others to make it happen or use poverty stricken people from abroad to do the jobs.
    It means producing our own fuel instead of going abroad to get gasoline and oil for the nation.
    It means total independence here.
    All spying and drones are to be dismantled. Those programs cost too much to be maintained if we are bankrupt.
    All of this and more must happen very soon. The alternative is a crash to end all crashes and a lot of people being hurt in the process.
    We will have to design cars that are both economical and simple to maintain.
    Not all of what I see will happen right away.
    Some of these people in government could not come up with solutions if they were to try. It isn’t all simple. It is going to take a leader with vision of what the future can hold for all of us. It is going to take a lot of soul searching as to what we do and how we do it to keep the majority of people solvent.

    • Ian

      There’s no reversing this. It is controlled chaos to maintain control of the sheep. Do you think they are going to give us our freedom back. No. We are going to have to pry it from their cold dead fingers. Like our drunk degenerate forefathers.

    • Priszilla

      Your foreign aid is peanuts compared with your fleet in the 7 seas. Recall your ships, give diego garcia back to the brits, and have tye soldiers, together with the prisoners rebuild streets, bridges, railways, schools, public hospitals and libraries, public swimming pools and stadiums. Give them shovels instead of guns. Dump trucks instead of tanks. Costs much less than any war.

      • DJohn1

        The foreign aid to Egypt alone is 300 million dollars. So it is not peanuts world wide. I agree that we have an antique fleet of ships out there that will be in Davy Jones Locker at the first sign of serious trouble. That includes most of the Aircraft Carriers to the tune of a billion dollars or so each. No wonder we are broke.

        A good fleet of two-men subs could take the whole lot out of service.
        Putting the services to work fixing everything in sight is a good idea if that is all they are required to do. I have a little more respect for people putting their lives on the line than that. Someday we will make it a requirement that people in D.C. see combat before they can be elected. Might take a few of them before they can do as much harm.
        Hitler had one thing right. Mobility of the armed forces in a modern world.
        Future warfare will be amphibious armored tanks dropped from troop carriers miles from shore and suddenly coming ashore with guns blazing. These same vehicles will float on a cushion of air at 500 plus miles per hour as they beach.
        The same kind of vehicles will cost a fraction of what the current crop of destroyers and carriers cost.

        • Priszilla

          War is a waste of money. How many aircraft carriers and troops overseas do Switzerland and Luxembourg have?

          How would you like the 7th Chinese Fleet in the gulf of Mexico?

          • DJohn1

            I would like some of those peanuts please. I totally agree with you that war is a waste of money.
            I have often admired the Swiss foreign policy and their excellent use of a small country’s military. Their currency situation is much nicer than our own because they do stay out of wars.

    • Ualid

      How about shutting down all social welfare and 90% of the military? Oh, yeah… then shut down the Fed and debt will go away.

  • Richard

    As three wise men, buckman, turner, and overdrive once said !!You ain’t seen nothing yet.

  • frankensteingovernment

    We live in a debt based economy. New money is made when loans (debt) are created. When the loaning stops, the system collapses. So the loaning cannot stop.

    The only way out of this pending disaster is a hyper inflationary event of such magnitude that all debts are extinguished, fiat currencies are wiped out, and a new reserve currency is created. This boom and bust cycle is how bankers have stolen the assets of the world. When the Great Depression occurred- who thrived? Answer- it wasn’t the 99%.

    Call it counterfeiting or call it QE- it makes no difference. When the hyperinflationary event occurs, you might want to have a little gold, silver, and lead on hand. Just sayin.

    • Douglas M. Green

      True that. I do wonder though, what is to keep the fed from printing money and disbursing it without a commensurate increase in debt the way it is done now? I know that is banana republic stuff, but the current system will collapse anyway and I wonder if covert printing without new debt can extend the system longer than otherwise? BTW, check out belangp youtube videos on gold (eg. the two “the gold must flow” videos). Excellent stuff!

      • Guest

        Thanks for the tip. I will check out those videos.

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    • Drud

      Hyperinflation (while very much in play) is not the only way out of overwhelming debt: there are two other paths: jubilee (never happen as it is fair and hurts bankers) or default (which leads to deflation and general economic carnage). The only question is whether collapse will ultimately be hyperinflation or deflation or both sequentially. All are possibilities and have different survival strategies, also, a lot will have to do with timing, which is virtually impossible to predict. Best advice is to prepare as best you can for all possibilities and stay flexible and ready to move (financially speaking and maybe physically) at a moments notice.

      • frankensteingovernment

        I will bet my house and 2000 years of recorded history that this ends with a hyperinflationary event. There is no other way out and certainly no political solution other than that. In fact, you are witnessing it as we speak.

        • Oldphartbsa

          Hyperinflationary for everyday goods used by all: food, gas, water, power.
          Deflationary for assets: gold, silver, land, accounts receivable, etc.

          • Priszilla

            Use less fuel and save money. Now I walk to the office – 3 miles in the morning, 3 miles in the evening. Cut down on rice, chocolate and beer. Hope to finally lose weight.

  • K2

    So what are you suggesting michael? That people should not have a college education, but work as a plumber or a mechanic but take a loan to buy a house have five kids? I am not an american, but i feel really sad that you recommending this to your fellow americans, especially when there are no jobs in the economy. What if the guy loses his job but still has to feed his kids? Will you provide for him?

    You are a nice guy…use your heart.

    • kfilly

      What he is saying is that a lot of Americans should skip going into debt to obtain their college indoctrination in a useless field of study like liberal arts. This is especially important when there are no jobs. Young students would be better off getting a two year associate degree in a hands on profession provided they pick something that will never go away. People always need shelter, security, food, and water. Something in those fields will always be around. The path I recommend is better than the debt slavery the schools and politicians in Amerika push.

      • K2

        He dint say that. He painted all college education with a broad brush. I wish he would have said that.

        • kfilly

          Most of it could be painted that way. Why get any degree for a job you more than likely won’t be able to get? I don’t care if you get an engineering degree and there are no engineering jobs. You wasted your money and became a debt slave. I also believe that is precisely what Michael was saying. We are in the USSA. We know what itnis like here.

          • Kristen Marie Embler

            It’s all the same for everyone, pretty much. Degree or no degree, you’re mostly screwed unless you’re wealthy. Either bypass college and find yourself limited as to what you can do (aside from trades), or go to college and find yourself enslaved to debt for the rest of your life while scavenging for the few remaining occupations that pay somewhat well. Let us also not forget that the default rate is rising. Default on your loans and you’re in serious trouble.

          • K2

            If you cant get a job on a particular degree yes, its useless to take a loan. Also, if you cant pay off, its useless to take a loan. I too said something of the same sort on another article. A lot of courses are junk. But there are few courses which give a good chance of a good paying job. So implying that all college education is useless but people should instead get a loan to buy a house, is nothing but wrong advice. As people stuck with huge mortgage when they lose their job is dangerous too.

            There are a lot of those people out there who can take a loan, get a good job and pay off. There are a lot of good paying engineering jobs out there..for them. And jobs that depend on the high levels of education, will be safer than jobs that dont require any.

            In this kind of economy.

          • K2

            In the second para the word ‘those’ in the first sentence, has been typed by mistake :)

          • kfilly

            You stated your opinion about college education. Like you said in an earlier post, you don’t live here. The statistics are getting stacked against going to college. I believe just over 50% of all US college graduates can’t find a good enough job to pay off their student loans. That statistic makes a traditional four year degree look like a really risky investment. Who wants to start their life off with a $50k loan (low end) and a low wage service job. Our economy is intentionally being destroyed. In my opinion, a four year degree is not worth the risk especially considering our economy is still exporting jobs and hiring illegal aliens at slave wages to replace expensive US citizens.

          • K2

            Soory, i totally forgot about this discussion.

            50% is not 100% percent. Thats the point i have been trying to make.

          • K2

            Also i made a point that when taking a college loan for an unhelpful degree is bad, taking a house loan and wanting to start a family, if you job is not immune to be lost…is equally risky.

    • Drud

      All he is saying is that our current economic system is f)&ked. Another prevalent poster here is fond of using song lyrics. Here is one that is quite appropriate:

      “Hey-ey-ey Ba-a-by, There ain’t no easy way out…”

      • K2

        When saying it is f******d, there is all the more reason not to recommend that kind of things.

    • Mike Smithy

      Believe it or not, blue collar trades such as a plumber or electrician pay relatively well and offer considerable job security.

      • piccadillybabe

        Yeah but in a bad economy, many in the blue collar trades are going begging also. Construction is down and the economy is growing at a snail pace.

        • Kristen Marie Embler

          It’s all the same for everyone, pretty much. Degree or no degree, you’re mostly screwed unless you’re wealthy. Either bypass college and find yourself limited as to what you can do (aside from trades), or go to college and find yourself enslaved to debt for the rest of your life while scavenging for the few remaining occupations that pay somewhat well.

      • K2

        ‘relatively’ well? Compared to what?

        • Mike Smithy

          Meaning that you have the means to move out of mom’s basement and fend for yourself.

          • K2

            So getting a good college education is not ‘fending for one self’?

            Arguing against college education implies that people should get these trades instead of said education. And people getting jobs on these trades more likely lose their jobs than people with a good college education. And he is also subtly saying that these people should take a loan and buy a house. How will they pay off the loan, if they lose their jobs?

          • Mike Smithy

            From anecdotal evidence in my world, I have noted from the handful of plumbers and journeyman electricians that I know, they are still busy and gainfully employed. Conversely, I know a number of young people that have recently graduated with liberal arts educations that are unemployed or under-employed. I would be interested to know from other bloggers if their observations are consistent with my observations.

          • K2

            This is why people like you see college education as useless. You people, assume all college courses are like liberal arts courses.

  • alan

    I think there is still 12 trillion in 401k’s to loot. We could also use Alaska and Hawaii for a collateral. We landed on the moon first we could borrow against it. This game still has a little more play in it. Lots of conflicts taking place right now. I am waiting for the Embassy to get seized in Baghdad just like Tehran in ’79. No one will see it coming.

    • Mike Smithy

      You are very perceptive. However, I would prefer that TPTB use California and New York as collateral.

    • Nicknakthetruthspeaker

      you still believe USA landed on the moon? you are so naive!

  • Keywee

    “What we have done to our young people is shameful.” This is the part that really gets me. Those greedy (insert expletive)’s have duped the younger generations and stolen their futures. It makes me sick to my stomach, don’t they have children of their own? Yes, they may well do, but rest assured their own children will be well looked after while others have to fight it out for the scraps.

    • Douglas M. Green

      What has been done to our kids is nothing short of despicable, and it is being added to every day. I hope the whole system blows up and resets so our future generations have a chance at a decent life. More than anything else, I am angry at what has been done to our kids’ future earnings and can’t believe the complacency on that issue on both sides of the aisle but mostly the left.

      • Mike Smithy

        I agree completely, However, when this thing resets, it will be interesting to see which way the pendulum swings. A thousand years of darkness or a thousand years of enlightenment?

        • GSOB

          There is never an end in history to men’s battle with sin and its
          comprehensive,
          cultural
          effects.

          We always need more grace because we are not removed by God from the cultural battlefield until we die or are incapacitated with Alzheimer’s,..or something like that.

          This means that we can always use additional assets.

          We are told by God to buy back the world
          —redeem it—
          as His stewards.

          Jesus’ definitive repurchase of the world
          took place at Calvary.

          The visible proof of this redemptive purchase
          was Jesus’ bodily resurrection and His bodily ascension, both of which took place in history.

          Progressively,…. the redemption of the world is accomplished
          representatively through the work of the redeemed.

          The final redemption will be at the end of time, when Jesus comes in
          with the final judgment.

    • piccadillybabe

      Most people think having children is a “right” but in reality it is a privilege that only few can afford. Even if you are able to give them opportunities, it does not mean that their futures will be happy and fullfilling.

  • Kent Harris

    Liberal fascism destroys everything it touches. I personally think it will end up completely unraveling and the chaos that will follow will be worse than what occurred with China and Russia when the communists came to power.

    • bluesky

      It’s called the deadly wound.

    • Mike Smithy

      True. However, TPTB will provoke a global military conflict to deflect their culpability.The following question remains: Will the ignorant sheeple buy into the false narrative?

    • LY G

      Anyone who lived in China or Russia before

      can see clearly under “Obama Change”, America is speed up to communist road which is suicidal road.

      • Priszilla

        Actually, Marx wrote over a hundred years ago that communism follows a highly developed and decaying capitalism.

        • LYG

          You are right but it takes nearly 100 years for Russia and 50 years for China to turn back, it was terrible painful to live in the communist cage.

          • Priszilla

            You still don’t get it, don’t you. Communism iosn’t the cage. It’s freedom.

            Capitalism is the cage. Where you have to sell yourself and dance for your master to survive.

            Until everybody gets so fed up with all the crisis that they shoot all their governments to the moon and beyond.

            And the same with the socalled religious leaders and indoctrinators of hate.

  • Bill

    The IMF is telling the U.S. to raise the minimum wage. Will employers then start hiring so they can make more $ ???
    Sounds like another plan for America’s destruction. Just gets “better” by the hour.

  • http://bigdanblogger.blogspot.com/ Big Dan

    It’s a Ponzi scheme.

  • DJohn1

    The rules of the game dictate never having money in the bank to be stolen by the governing of welfare people.
    If I were to come down with a serious illness in my old age, IF I have nothing, then the generous government will pay for most of it.
    IF I have a quarter of a million dollars in the bank(I do not have much money in the bank) the medical people and the government will take everything I ever worked for and then pay the bills. This is how they encourage me to save and to work all kinds of hours to establish wealth?
    Medicare and Medicaid are the enforcers of the rules and they have direct access to everything you own either through the bank or not through the bank. They will take everything you have except a small amount. It is like losing at poker and at the end they generously give you bus fare home. Only they will take your home if they can get away with it.
    So in this economy, why would the common person want to do more than provide for themselves and their families? The government has its grubby hands in our wallets from the time we go to work until way after we retire. But they are only working the system the same as everyone else is. So having produced an enormous debt, they now have to figure out how to get the common person to pay for it all.
    I suggest they are arming themselves for a reason.
    They intend to take everything and not even leave any of us bus fare home.
    Social Security will default.
    Every pension out there is dependent on earnings from the stock market in one form or another to survive. Many of those pensions are close to default.
    SO now that they have given away hundreds of millions of dollars to nations all over the world, they want to take what is left over. That is the last meal of the last old person out there and then figure out a way to kill them.
    So stir up a revolt and kill them in the name of being a terrorist or with FEMA taking their homes in some kind of martial law.
    They know where we all live.
    I hope I am wrong. I hope these parasites will simply shift to whatever country takes over the financial empire of the world.
    Can this mess be straightened out? Probably not.
    They say that the meek will inherit the Earth.
    When the not-so-meek kill each other off for the advantage of ruling the planet, maybe.
    Most of the Congress People are fairly well to do. They have gotten that way off the backs of the common people that they supposedly serve. Most of the Congress have law degrees. They are trained 3 years of law school to learn how to make problems. They are given a brief course in their 4th year in SOLVING problems.
    These people have done an excellent job. That is excellent in padding their own pockets from every direction known to man.
    Now like a house built on shifting sands, the currency itself might go out from under them. What exactly would you do if it were you?

    • TOA

      Actually the definition of meek in the Bible did not mean what it means today. Meek back then meant those that would stand up for ones that could not stand up for themselves and fight for justice. Not sitting back and not saying a word when evil and bad things happened.

      • GSOB

        Numbers 12:3

  • ian

    It’s simple. We all need to say we are not going to repay this debt and get the militarys of the world on our side, and pull the rug out from under the wealthy elite families. I cant believe this is not being discussed.

  • newpapyrus

    The American people own a commodity that Bill Gates says may be worth as much as $100 trillion in clean energy production. Its called spent fuel! The stuff we’re currently trying to just throw away!

    If the spent fuel legally owned by the US government is utilized as fissile material in next generation thorium reactors then the American people could gradually climb out of debt.

    There’s enough room at existing nuclear sites within the US to quadruple nuclear electricity capacity, increasing the percentage of electricity produced from nuclear reactors from 20% to 80%.

    Floating nuclear reactors could be used to produced coastal electricity for US cities and for foreign countries. Floating nuclear reactors could also use seawater to produce carbon neutral methanol, jet fuel, gasoline, diesel fuel, and dimethyl ether– ending US dependence on fossil fuels forever.

    Marcel

    • nekksys

      Do you really want the spectre of nuclear meltdown hanging over our heads with the economy being as it is?

      If the whole goes belly up, we will have nuclear meltdowns around the globe due to a lack of staffing while providers go out to find food for their kids!

      • newpapyrus

        What about the spectre of a dam collapse from hydroelectric energy which is far more dangerous?

        Nuclear power is the safest form of energy ever invented and has the lowest mortality rate per kw hour of any energy system including wind and solar.

        Marcel

        • nekksys

          The dam collapses. The water runs away. A month passes and the flood has dissipated. Minimal harm done to the land, a few thousand dead (maybe…), plants and animals will return and the land will grow and thrive again.

          A nuclear disaster would last for centuries, leave the land decimated and uninhabitable, killing hundreds of thousands at a far distance away from the epicenter due to wind spreading nuclear fallout. (Think Chernobyl…)

          Did you even think about that at all?

    • Mike Smithy

      I suspect that their are some reasonably safe locations to erect nuclear power facilities. I.E. northern Nevada. However, how would you mitigate the threat of a Hurricane/Typhoon or Tsunami taking out a floating nuclear reactor?

      • newpapyrus

        Radiation from nuclear power plants in the US has never killed anyone. And in fact, three meltdowns at Fukushima never killed anyone either.

        Dams used for renewable hydroelectric power, currently the most abundant renewable power, are much more dangerous. The

        Banqiao Dam disaster in 1975 is estimated to have caused 230,000 deaths and the collapse of nearly six million buildings effecting 11 million residents.

        I should note that a dam collapse near Fukushima after the earthquake also wiped out a small town there.

        Marcel

  • Dave

    How come this blog never talks about the driving down of wages by legal and illegal immigration? The quickest fix to the economy is an immigration moratorium.

  • Randy Townsend

    Popular and fun to blame Obama, but the truth is this has been going on for almost 50 years, regardless of party or administration. It is reflected in our personal lives, with cc debt reaching an average of almost $4,500 per person in America. We spend $ we don’t have, to buy things we don’t need. Government is no different. Our economy changed about 40 years ago with the introduction of the credit card into a consumer-based consumption society and away from production. The result is not only predictable, it is inevitable.

  • Firstgarden

    These debt figures are horrifying enough, even if we HAD the wherewithal to pay it down.

  • Firstgarden

    The question before the human race is, whether the God of nature shall govern the world by his own laws, or whether priests and kings shall rule it by fictitious miracles.
    - John Adams

  • Firstgarden

    We huv a monster on our hands.
    It’s name is Bankenstein.

  • Erin Anderson

    This is what happens when a country allows a Central Bank to create it’s currency through debt.

  • piccadillybabe

    New cars seem to abound all over America. These big massive SUVs with all the chrome, the leather, the big tires and fancy alloy wheels with their V8 engines. They look nice but would not want the payments, the registration fees, insurance or the excise taxes attached to ownership not to mention that it costs $100 to fill those babies up. Just owning one second hand is expensive. What are people thinking? Sadly, they are not thinking but while they are driving that thing, it makes them feel important. Too bad that Americans have their self-esteem tied up in automobiles and real estate. We are more than that and it is high time we find out before that 6 trillion doubles.

    • Guest

      Good points. I can barely afford my Camry. :-)

  • Prut

    It’d be interesting to see how much of the US public debt is “legitimate” debt — that which helps people and society — and how much is illegitimate — tax cuts for the wealthy and and money thrown out special interests like banks, big Pharma, big agriculture, oil companies, etc. We should tear up the illegitimate debt.

  • Houtex77

    I feel sorry for people who have bought overpriced homes. They will NEVER be able to get back what the paid for them.

    • Bill

      So true, so true and so sad.

  • Free

    What made America great was manufacturing jobs. Now we have over educated and under employed. So when does 60 Trillion Dollars in debt get paid off? In 60 Trillion Years. No. They will borrow till it is maxed out.

  • Ernie kaputnik

    It doesn’t matter how much debt we have because 47% of the population still have EBT, WIC and SNAP cards.

  • Hiroshi Yamamoto

    Meanwhile Dow Jones, S&P and NASDAQ are at record high.
    On Fed steroids.
    Probably even the nuclear war will not bring it down.
    But when the CEO of Fed fart, it will fall like a rock.

  • tacoma

    The way out of unsustainable national debt is not hper-inflation or default.

    It is called the Hitler Way – he fixed Germany billion percent hyper-inflation by launching wars to grab lands and treasures. Not to mention cancelling Germany debt owed to the countries he conquered. Like, if you can take over the bank you owe money, you no longer has a problem.

    It worked wonderfully. But Hitler trouble came when he warred a country which is poor and hold no Germany debt – the USSR.

    So America trump card to nullify is national debt is to launch an attack on any country who wants repayment of Treasuries. This it can do with ease. Thus the trillion dollar military. It is the ultimate guarantee of infinite debt. As long as the other party dares not fight back.

    • robert h siddell, jr

      Bad history. The German bankers all openly agreed to stop lending the government Reichmarks and then they issued a new money (Rentenmarks) in Nov1923 that regained the peoples trust. WWll was their downfall.

  • Zach Watkins

    Dear Mike: I hear you about finding decent paying jobs. Even the most basic jobs at city government, law firms, and our local federal court want people with two years experience for so-called “entry level” positions. I already have a B.A. in government & criminology, and I’m working on a paralegal certification and I’m fixing to start a Microsoft Office certification program on the advice of a recruiter that says employers like that kind of thing (Office certification).

    It’s frustrating because I though working for a local court, law firm, or similar occupations was a reasonable goal.

  • thetruthmaster1

    Its time to stop feeding the Beast. Everyone, just Stop paying all taxes in any form. Time to hit the RESET button. GO!!. BTW/ The Central bankers Killed John F Kennedy when he tried to end the Federal Reserve. See Kennedy’s Executive Order EO-11110 June 4th 1963

    On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business.

    • Cynical Guy 42

      But the Bible requires one to pay one’s taxes…

      • thetruthmaster1

        Religion is the worlds oldest FRAUD. Guess what Church Religion promises you ever lasting life if you believe, but then also asks you to donate all your wealth estate to the Church upon your death? Connect the dots Gullible Folks, its all FRAUD. Imagine what one would do if their Religion promised them 70 Virgins in heaven if they killed Infidels. ,Take a look at Iraq today. That’s your answer.

        • Cynical Guy 42

          I’m pretty sure there is a God, and a Satan too…

  • GSOB

    Spiritual grace enables us to deal with wealth as a tool rather than as an idol.

  • GSOB

    When men view their wealth as an extension of their own autonomous efforts,
    Deuteronomy. 8:17,23 – they cut themselves off from spiritual grace.

    At that point, their wealth becomes their master, a merciless god that will give them no rest, ….a god that never announces

    “enough.”

  • Oldphartbsa

    Since 2008 I’ve paid off one car.
    I bought another and every two weeks I pay 3/4 of a payment.
    Every two weeks I’m paying 3/4 of a house payment.
    I have no credit cards. I have a Taliban Toss-away-buy-the-minute cellphone that I put $40 on about once every six months.
    My amortization compared to my current balance has my house paid into 12/2019. My balance is so low I can’t refinance from my original 7.5%.
    Strangely, because I’m making these accelerated payments I’m ‘not adhering to the financing agreement’ and I’m getting poor credit ratings.

    • frankensteingovernment

      Good for you. I need to do the same thing and I can.

  • Oldphartbsa

    How To Get Out Of Debt Lesson 101.
    Take your smallest payment and start paying 1/2 more against it.
    Once it’s paid off, add that payment to the next smallest.
    As you pay off the debts, continue up the scale the same way.
    Avoid taking on any new debt except for dire necessity.
    Avoid any commitment to new fixed, monthly costs. Throw your $80 a month phone away. You can get by on simple phone calls and limited texts…yes, you really can (believe it or not, there was a time not too far back when NO ONE had a personal phone…if we needed to make a call we went to a public phone and put in a dime then, later, a quarter to make a call. If it was long distance we either put in a pile of change or made the call collect. (Worst plane ride of my life was back in the early 80′s, we hit strong turbulence that sent us from 30k feet to 20k feet in less than a second…drinks floated around the airplane….when we stabilized, a large crack appeared across the wing. We landed somewhere in Kansas, as we headed towards Atlanta. I got on a plane headed to Chicago with an eventual link-up back to Atlanta and then to my destination in Panama City, Florida. First thing off the plane in Chicago was me walking to the ticket agent to figure out what was to happen. Little black kid about five years old sees me and runs up yelling “Daddy!”. [I swear I've never been to Chicago since 1966 when I was seven.] I can see momma is embarrassed as hell, but I give the kid a hug and tell him I’m not his daddy but would be proud to have been.]
    I find out from the ticket agent that I’m going to be twelve hours late getting home. Go to the pay phone to call the wife to let her know.
    Back then, you could just dial zero and an operator would come on.
    Me: “Hello? I’d like to place a collect call to ####.”
    Operator: “Dialing.” ######
    Local Operator picks up: “Port St Joe, Florida…”
    Operator: “Collect call from Chicago to ####”
    Local Operator: “One moment”
    Me: “Terri?”
    Local Operator: “Kevin?”
    Me: “Terri, would you let my wife know I’m going to be twelve hours later than she expects?”
    Terri: “Sure thing, hon…I’ll walk over to Flora’s (mother in law) on my break and let them know.”
    Operator: “You two know each other?”
    Me: “Well, yeah. We work the ambulance together.”
    Operator: “You what?!”
    Me: “We work on the volunteer ambulance as EMT’s”
    Operator: “That is so cool! She knew you by your voice!”
    Small towns…simultaneously blessings and curses.)

  • sss

    Michael, you are the most insane guy i ever seen on Internet. You should stop playing scare the hell of people.

    And you guys, please trust me. Everything is fine, economy is good. Dont listen to this idiot. The bright and Prosper future is waiting for us

    • Joe Kleinkamp

      At first I thought you were serious but then I saw “Everything is fine, economy is good.” That’s a good one sss, a real knee slapper. You are funniest “guy i ever seen on Internet.”

  • Incitador

    I just wonder why is USA not downrated by the rating agencies…

    • robert h siddell, jr

      Because Std&Poor’s, Fitch, Moodys etc are just cogs in TPTB machine; the Chinese rating agency did downgrade US and the BRICS are creating their own agency along with their own world bank, IMF, stock exchanges, internet, BIS, reserve currency, etc. SWHTF soon.

  • JailBanksters

    Credit is unsustainable, but Debt is sustainable because it doesn’t need Credit. Once the Debt is paid back the Credit will exist. So in the US System no amount of Debt is too large.

  • gsiamne

    I have a friend who was a political science major and she currently works at a big law firm and she can tell of how little money that firm is making and how many attorneys are doing more than alcohol/marijuana.

  • Adrian

    Debt is very profitable for this end phase of capitalism we are currently in. Powerful banks make billions of profits on debt interest. It is as much a part of capitalism as predatory instincts are to a lion.

    • bluesky

      They make money loaning money they don’t have. You can’t make this stuff up.

  • Guest

    Mike Maloney’s videos are very informative.

  • Drud

    Well said, Kent. The underlying problem is not fiat currency, but DEBT-BASED fiat currency.

  • Scared Economist

    Hyperinflation will solve a lot of our country’s debt issues:
    Pay down the Federal Debt
    Inflation outpacing payouts on Entitlement Programs
    Just think– a $1,000 a month mortgage payment could be equal to the cost of a dinner out.
    But folks dependent on Social Security could be screwed.
    Hard assets will be the only true test of currency especially when China and the rest of the world wants payment only in gold or silver.

  • Izmir Ted

    Live within your means. It can be done. I’m 53, have never had a loan of any kind, have no credit card debt, have owned 25 cars (24 used), bought 2 houses with cash. I have about $250k invested. No I am not from a rich family. I am retired military (enlisted) and also worked contractor in the Middle East for 3 years. I save about 10% of my military retirement.

    • GSOB

      Genesis 47:15

  • wally

    Things are starting to come into the light now. Prepare while you still can. Michael laid it out for us over a week ago. Russia is doing everything it can to get rid of the Petrodollar. If Winter hits with nothing happening the US economy will crash because the Russians who supply almost all of the natural gas to Europe will be able to get rid of the dollar forever. WWIII is needed for the ultimate end game to be accomplished. Al Queda which is now a CIA/US backed operation will take over Iraq then on to Syria to overthrow Assad. The Russians will not let Assad get overthrown easily. There will be a fight, a war. The US has Nukes at the ready. Dr. Paul Craig Roberts just wrote about the US nuking Russia as a preemptive strike. If that happens the Russians will strike back. Russia/Iran/China alliance is big. BIS is controlling everything and there goal is “Control through Chaos” WWIII will lead to the death of 100s of millions or more…Those lucky enough to survive will be welcomed with the NWO global unity. That is the end game set in motion many many years ago.

    • aedelaossa

      You are dreaming if you think their will be any survivors after a nuclear exchange. Not especially after the nuclear winter sets in!

  • JB

    Michael, you mention all the debt but what are our assets? We need to see both sides.

    • Drud

      “Your brains…Fezzic’s stength…my steel”
      -Inigo Montoya

    • Priszilla

      There are no assets. The state debt bought bombs and missiles and those were blown up, creating more enemies.

    • Firstgarden

      The ass-ets are in congress and the White House.

  • wombleranger

    Gotta’ love old used car’s, hell there almost free just not as shiny!

  • stewey

    Sorry to say, but you should normalize your numbers to GDP as our economy continues to grow. Once you do this you’ll see that debt levels have been moderating on a relative basis.

  • Under the Wire

    “Somehow over the past four decades we have allowed the total amount of debt in the United States to get approximately 27 times larger.”

    Seriously? It would take a full time job just to **maybe** get on the radar to disagree with what they have done, only to get pummeled/disgraced through the so called media.

    The coup took place years ago.

    The average person has been sold down the river. They have been indoctrinated that they are “special” and “entitled.” They have been brainwashed that “the good life” is getting/ what you want when you want with the minimum amount of work, and having the latest gadget/fad. The goal has been to be as the movie stars, but they, too, are controlled and managed. Even more intensely than the general population. This seems to transcend age groups with the younger age groups most vulnerable.

    This doesn’t mean these things didn’t occur during other time periods. It did. But today things are over the top.

    I am the minority that never saw value in the shallow lies, but, will suffer the consequences, nonetheless. It certainly punishes the minority. The banksters will leave no survivors.

  • Brother Tim

    Can any say gold and silver coins huh better load up on as many as we can get. With all this debt that continue to rise sooner or later those gold and silver coins will have to account for all this currency flowing around. The problem is if you don’t start getting those coins soon they won’t be affordable or available. Start stacking if you haven’t all ready. The Problem with the western countries is they think they have to have things now why do kids have to get into debt to go to school? Why can’t they find a crummy job and go to school part time. what is the rush to finish school in 4 or 5 years. That is one of the problems right their, slow down think about the future and whats going on in people life. How debt is basically destroying the way of life of lots of people. The slow and steady is the best way. I believe having a home is more important than and education. I think kids should save to get them a home pay it off than go to school part time what is the rush. If you have your home and a degree or certificate by the age of 40 you have more than most people anyway. Stay out of debt the slow and steady way is the best way. Young people don’t have the responsibilities as adults so use it to their advantage. Freedom makes people rich, no kids, no debt save those things for later in life. If not people will be slaves to debt just like the bible says. Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender.

  • Brother Tim

    Why look at history and learn from it, that would be one of the smartest things humans can do. But no we keep doing the same things over and over again. Just like people continue to use their homes as a credit card or keep putting their kids in these expensive schools or why not buy a car we can’t afford just to make people think we are doing good. Hey when this thing crash so many mindless people will go to the way side because people just don’t learn or want to hear the truth. GOD has thought me to feel petty for my fellow humans but they just keep doing the same things over and over again. That is why those who are on top of this evil system continue to get richer and richer. Will we ever learn to stop following their system and create our own.

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