The Total Amount Of Debt In The World Just Hit A Record $152,000,000,000,000 (152 Trillion)

globe-on-the-brink-of-disaster-public-domainIf anyone ever asks you how much debt there is in the world, now you will know the answer.  According to the IMF, the total amount of debt around the globe has now hit a staggering 152 trillion dollars.  That is an amount of money that is almost unimaginable, and the IMF says that it is equivalent to 225 percent of global GDP.  It is the biggest debt bubble in the history of the planet, and it is rising at an extremely alarming pace.  Experts all over the world agree that when this debt bubble finally bursts, it is going to create an economic crisis on a scale that humanity has never seen before.

When I first saw this number I was absolutely astounded at how reckless we all have become, and I was also amazed that there was hardly anything about this announcement in the mainstream media in the United States.  The following excerpt comes from a story in a major British news source

The International Monetary Fund has urged governments to take action to tackle a record $152tn debt mountain before it triggers a fresh global financial and economic crisis.

Warning that debt levels were not just high but rising, the IMF said it was vital to intervene early in order to mitigate the risks of a repeat of the damaging events that began with the collapse of the US sub-prime housing bubble almost a decade ago.

It said that new research in its half-yearly fiscal monitor covering 113 countries had shown that debt was currently 225% of global GDP, with the private sector responsible for two-thirds of the total.

Right now the mainstream media in the United States is so obsessed with Trump and Clinton that almost every other important story is pushed to the side, but it boggles my mind how this cannot be major front page news.

When we borrow money, consumption is transferred from the future to the present.  For example, if you put a 70 inch television on your credit card today, the quality of your lifestyle will immediately go up, but you won’t have that money to spend at some point in the future.  In fact, you are ultimately going to pay back significantly more money than you originally spent for the television.

So when we go into debt, we are literally destroying the future one dollar at a time.

On a national scale, what we are doing to our children, our grandchildren and all future generations of Americans is beyond criminal.  Thomas Jefferson and other founding fathers warned that government debt was simply thievery from future generations, and they were exactly right.  If future generations get the chance, they will look back and curse us for what we have done to them.

Earlier today I looked up our national debt, and it is currently sitting at $19,688,773,606,117.54.  That means that Barack Obama has officially become “the 9 trillion dollar man”.

When Barack Obama entered the White House, the U.S. government was 10.6 trillion dollars in debt, and now we are 19.6 trillion dollars in debt, and there is a very good chance that we could hit 20 trillion dollars by the time he leaves the White House on January 20th, 2017.

In a just society, the politicians that have done this to future generations of Americans would be going to jail, but instead we put them up on pedestals.

It is truly hard to grasp how much money “a trillion dollars” represents.

For instance, if you were alive when Jesus Christ was born, and you had spent a million dollars every single day since that time, you still would not have spent a trillion dollars by now.

Since Barack Obama entered the White House, we have been stealing more than 100 million dollars from future generations of Americans every single hour of every single day, and as Obama’s second term draws to a close the pace of that theft is accelerating according to Simon Black

In fact, for the 2016 fiscal year that ends in just ten more days, the US government’s debt growth of $1.36 trillion is on track to be the third biggest annual increase ever.

The only two years in all of US history that posted higher US debt growth were 2010 and 2011– the peak of the financial crisis.

Even more acutely, last month the US federal debt grew by $151.5 billion.

Not counting the financial crisis, and a few anomalous months following a debt ceiling reset, August 2016 was the single biggest expansion of US debt EVER.

How could we do this?

And I know that I have pointed the finger at Barack Obama a lot in this article, but the truth is that Republicans are highly to blame as well.

The Tea Party revolution of 2010 gave the Republicans control of the House of Representatives, and since that time they have also gained control of the Senate.  Without Republican approval, Barack Obama would not be able to spend a single penny.  The American people were counting on the Republicans to put a lid on the wild spending of Barack Obama and the Democrats, and the Republicans in Congress have completely failed.

Nobody wants to end the party.  Because without a doubt, cutting back on our wild borrowing and spending would seriously damage the economy in the present, and nobody wants to be responsible for that.

So now the only thing to do is to keep the party going for as long as possible until it ends in a horrible, fiery crash.

Overall, the total amount of debt in the United States is now roughly equivalent to 350 percent of U.S. GDP, and a day of reckoning is rapidly approaching.  Just consider what Charles Schwab’s chief investment strategist, Liz Ann Sonders, recently told Business Insider

Sonders noted that total debt — public, private, nonfinancial, and financial — had become 350% of gross domestic product, and that is already causing problems for the economy.

The question I get all the time is: When are we going to hit the wall? When are we going to hit the debt wall?” Sonders said. “I think we hit the debt wall in ’08, which unleashed a big round one of what I think will be a rolling set of crises — and not just in the US but globally.

And I very much agree with her.

We definitely “hit a wall” in 2008, but it was just “round one” of our problems.

The coming rounds are going to be even more painful, but most Americans don’t understand this.

Most Americans seem to believe that our debt-fueled standard of living can be sustained indefinitely and that there is nothing to be concerned about.

Unfortunately, the laws of economics cannot be defied forever, and eventually the American people are going to experience economic and financial pain on a scale that we have never seen before in our entire history.

It’s Official: Over A Trillion Dollars A Year Will Be Added To The Debt During Obama’s Presidency

America Is BrokeUnder Barack Obama, the U.S. national debt has risen from $10,626,877,048,913.08 on January 20th, 2009 to $18,795,033,928,275.59 on December 21st, 2015.  That means that the debt that we are passing on to future generations has increased by 8.16 trillion dollars since Barack Obama was inaugurated.  There is still a little more than a year to go in Obama’s presidency, and it is already guaranteed that Obama will add more than a trillion dollars a year to the national debt during his presidency.  In fact, when you do the math, we are stealing more than 100 million dollars from future generations of Americans every single hour of every single day.  It is a crime of a magnitude that is almost unimaginable, and at this point it is mathematically impossible for the U.S. government to pay off all of this debt.  To say that we are in trouble would be a massive understatement.

And of course not all of the blame goes to Obama.  The Republicans have had control of the House of Representatives for all but two years while Obama has been in the White House, and they have gone along with all of this reckless spending.  Without the approval of the House, Obama could not spend a single penny, but the Republicans have consistently chosen not to stand up to him.  In fact, the Republicans in Congress just approved another massive 1.2 trillion dollar spending bill that essentially gave the Democrats every single thing that they wanted.  House Minority Leader Nancy Pelosi even admitted that the Republicans “were willing to concede so much” during the negotiations.

So why do we even have a Republican Party?  They always just go along with pretty much whatever the Democrats want anyway.  Why shouldn’t we just disband the Republican Party and let the Democrats completely run things?  How would Washington D.C. be any different if the Republicans didn’t even exist?

At this point, even Rush Limbaugh is completely disgusted with the Republican Party…

I have a headline here from the Washington Times:  “White House Declares Total Victory Over GOP in Budget Battle.” That headline’s a misnomer.  There was never a battle.  None of this was opposed.  The Republican Party didn’t stand up to any of it, and the die has been cast for a long time on this.  I know many of you are dispirited, depressed, angry, combination of all of that. But, folks, there was no other way this could go. Because two years ago when the Republican Party declared they would never do anything that would shut down the government and they would not impeach Obama, there were no obstacles in Obama’s way and there were no obstacles in the way of the Democrat Party.

Do you remember when Republican politicians were running around promising that they would defund Obamacare?

That didn’t happen.

Do you remember when Republican politicians were running around promising that they would defund Planned Parenthood?

That didn’t happen.

Do you remember when Republican politicians were running around promising that they would defund Obama’s refugee program?

That didn’t happen.

In this new spending deal, the Republicans got nothing.  It was a sham, a farce and a total insult to the American people.  Here is more from Rush Limbaugh

It fully funds Planned Parenthood.  That, to me, is unforgivable, with everything now known about what goes on behind closed doors at Planned Parenthood, and that the federal government, led by a Republican Party, sees fit to pay for it.  It is beyond comprehension, and it is a total squandering of moral authority to fully fund the butchery at Planned Parenthood.  This spending bill fully pays for Obama’s refugee plans, fully.  This spending bill, this budget bill quadruples the number of visas Obama wants for foreign workers.  This is even a slap at American union workers.  Not the leaders.  The union leaders seem to be in favor of it, but blue-collar people, known as working people, have been sold down the river along with everybody else here.

This spending bill even fully pays for every dime asked for by Obama on all of this idiocy that’s tied up into climate change.  Everything Obama wanted, everything he asked for, he got.  You go down the list of things, it’s there.

Even after watching all of the undercover Planned Parenthood videos that came out over the past year, the Republicans in Congress still voted to fund the harvesting and sale of body parts from aborted babies.

And surveys have found that the American people support the continued funding of Planned Parenthood by about a 2 to 1 margin.  After everything that we have seen, the vast majority of Americans still want to continue giving those butchers hundreds of millions of taxpayer dollars a year.

No wonder so many people are comparing America to Nazi Germany these days.  We truly have become an exceedingly wicked nation.

We like to think that we are an “example” for the rest of the planet, but in reality the only example that we are is a bad one.  Our guilt has been put on display for all the world to see, and yet we just continue to race toward even more evil.

Not only did the Republicans not defund Planned Parenthood, the truth is that not a single pro-life amendment of any sort even got into the bill thanks to Paul Ryan.  The following comes from lifesitenews.com

“The bill failed to include a single major pro-life policy rider, despite the requests of over 120 members of Congress and the disturbing revelations about Planned Parenthood brought to light this year,” said Congresswoman Diane Black, R-TN, who voted against the bill.

The House Freedom Caucus offered a series of amendments to the bill defunding Planned Parenthood, strengthening conscience protections for pro-life physicians and organizations, and ending all U.S. funding for the United Nations Population Fund (UNFPA). The House Rules Committee rejected these riders earlier this week, as Speaker Paul Ryan said he did not want conservative amendments added to the bill that would drive away his Democratic colleagues.

The committee also rejected an amendment to increase vetting of refugees who enter the United States from the terrorist hotbeds of Syria and Iraq, which had previously passed the House, with 47 Democrats adding strong bipartisan support.

Like I said, the Republicans completely capitulated, just like they always do.

Now the U.S. national debt is nearly double the size that it was just before the last financial crisis struck, and our leaders continue to borrow and spend as if there is no tomorrow.

Perhaps they have convinced themselves that there will never be any consequences for acting so foolishly.

Perhaps they believe that in the end everything will turn out okay somehow.

Perhaps they are able to rationalize the theft of more than a hundred million dollars an hour from future generations of Americans.

But nothing can erase what they have done to us.  The promising future that our children and our grandchildren should have had has been completely wiped out, and the leading edge of the greatest economic crisis that any of us has ever known is now upon us.

If we had done things differently, things wouldn’t have had to turn out this way.  But now the die is cast, and we are all going to pay a very high price for the mistakes that have been made in Washington.

It Is Mathematically Impossible To Pay Off All Of Our Debt

Money - Public DomainDid you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt?  Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year.  Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, but as you will see below that isn’t going to work either.  It has been projected that “mandatory” federal spending on programs such as Social Security, Medicaid and Medicare plus interest on the national debt will exceed total federal revenue by the year 2025.  That is before a single dollar is spent on the U.S. military, homeland security, paying federal workers or building any roads and bridges.  So no, we aren’t going to be “paying down” our debt any time in the foreseeable future.  And of course it isn’t just our 18 trillion dollar national debt that we need to be concerned about.  Overall, Americans are a total of 58 trillion dollars in debt.  35 years ago, that number was sitting at just 4.3 trillion dollars.  There is no way in the world that all of that debt can ever be repaid.  The only thing that we can hope for now is for this debt bubble to last for as long as possible before it finally explodes.

It shocks many people to learn that our debt is far larger than the total amount of money in existence.  So let’s take a few moments and go through some of the numbers.

When most people think of “money”, they think of coins, paper money and checking accounts.  All of those are contained in one of the most basic measures of money known as M1.  The following definition of M1 comes from Investopedia

A measure of the money supply that includes all physical money, such as coins and currency, as well as demand deposits, checking accounts and Negotiable Order of Withdrawal (NOW) accounts. M1 measures the most liquid components of the money supply, as it contains cash and assets that can quickly be converted to currency.

As you can see from the chart below, M1 has really grown in recent years thanks to rampant quantitative easing by the Federal Reserve.  At the moment it is sitting just shy of 3 trillion dollars…

M1 Money Supply 2015

So if you gathered up all coins, all paper currency and all money in everyone’s checking accounts, would that even make much of a dent in our debt?

Nope.

We’ll have to find more “money” to grab.

M2 is a broader definition of money than M1 is, because it includes more things.  The following definition of M2 comes from Investopedia

A measure of money supply that includes cash and checking deposits (M1) as well as near money. “Near money” in M2 includes savings deposits, money market mutual funds and other time deposits, which are less liquid and not as suitable as exchange mediums but can be quickly converted into cash or checking deposits.

As you can see from the chart below, M2 is sitting just short of 12 trillion dollars right now…

M2 Money Supply 2015

That is a lot more “money”, but it still wouldn’t pay off our national debt, much less our total debt of 58 trillion dollars.

So is there anything else that we could grab?

Well, the broadest definition of “money” that is commonly used is M3.  The following definition of M3 comes from Investopedia

A measure of money supply that includes M2 as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets. The M3 measurement includes assets that are less liquid than other components of the money supply, and are more closely related to the finances of larger financial institutions and corporations than to those of businesses and individuals. These types of assets are referred to as “near, near money.”

The Federal Reserve no longer provides charts for M3, but according to John Williams of shadowstats.com, M3 is currently sitting somewhere in the neighborhood of 17 trillion dollars.

So even with the broadest possible definition of “money”, we simply cannot come up with enough to pay off the debt of the federal government, much less the rest of our debts.

That is not good news at all.

Alternatively, could we just start spending less than we bring in and start paying down the national debt a little bit at a time?

Perhaps that may have been true at one time, but now we are really up against a wall.  Our rapidly aging population is going to put an enormous amount of stress on our national finances in the years ahead.

According to U.S. Representative Frank Wolf, interest on the national debt plus “mandatory” spending on programs such as Social Security, Medicare and Medicaid will surpass the total amount of federal revenue by the year 2025.  That is before a single penny is spent on homeland security, national defense, paying federal workers, etc.

But even now things are a giant mess.  We are told that “deficits are under control”, but that is a massive hoax that is based on accounting gimmicks.  During fiscal year 2014, the U.S. national debt increased by more than a trillion dollars.  That is not “under control” – that is a raging national crisis.

Many believe that that we could improve the situation by raising taxes.  And yes, a little bit more could probably be squeezed out of us, but the impact on government finances would be negligible.  Since the end of World War II, the amount of tax revenue taken in by the federal government has fluctuated in a range between 15 and 20 percent of GDP no matter what tax rates have been.  I believe that it is possible to get up into the low twenties, but that would also be very damaging to our economy and the American public would probably throw a huge temper tantrum.

The real problem, of course, is our out of control spending.

During the past two decades, spending by the federal government has grown 63 percent more rapidly than inflation, and “mandatory” spending on programs such as Social Security, Medicare and Medicaid has actually doubled after you adjust for inflation.

We simply cannot afford to keep spending money like this.

And then there is the matter of interest on the national debt.  For the moment, the rest of the world is lending us gigantic mountains of money at ridiculously low interest rates.  However, if the average rate of interest on U.S. government debt was just to return to the long-term average, we would be spending more than a trillion dollars a year just in interest on the national debt.

So the best possible environment for “paying down our debt” that we are ever going to see is happening right now.  The only place that interest rates on U.S. government debt have to go is up, and our population is going to just keep getting older and more dependent on government programs.

Meanwhile, our overall debt continues to spiral out of control as well.  According to CNBC, the total amount of debt that Americans owe has reached a staggering 58.7 trillion dollars…

As the nation entered the 1980s, there was comparatively little debt—just about $4.3 trillion. That was only about 1.5 times the size of gross GDP. Then a funny thing happened.

The gap began to widen during the decade, and then became basically parabolic through the ’90s and into the early part of the 21st century.

Though debt took a brief decline in 2009 as the country limped its way out of the financial crisis, it has climbed again and is now, at $58.7 trillion, 3.3 times the size of GDP and about 13 times what it was in 1980, according to data from the Federal Reserve’s St. Louis branch. (The total debt measure is not to be confused with the $18.2 trillion national debt, which is 102 percent of GDP and is a subset of the total figure.)

As I discussed above, there isn’t enough money in our entire system to even pay off a significant chunk of that debt.

So what happens when the total amount of debt in a society vastly exceeds the total amount of money?

Is there any way out other than collapse?

You can share what you think by posting a comment below…

The Federal Reserve Is At The Heart Of The Debt Enslavement System That Dominates Our Lives

The Great Seal Of The United States - A Symbol Of Your Enslavement - Photo by IpankoninFrom the dawn of history, elites have always attempted to enslave humanity.  Yes, there have certainly been times when those in power have slaughtered vast numbers of people, but normally those in power find it much more beneficial to profit from the labor of those that they are able to subjugate.  If you are forced to build a pyramid, or pay a third of your crops in tribute, or hand over nearly half of your paycheck in taxes, that enriches those in power at your expense.  You become a “human resource” that is being exploited to serve the interests of others.  Today, some forms of slavery have been outlawed, but one of the most insidious forms is more pervasive than ever.  It is called debt, and virtually every major decision of our lives involves more of it.  For example, at the very beginning of our adult lives we are pushed to go to college, and Americans have piled up more than 1.2 trillion dollars of student loan debt at this point.  When we buy homes, most Americans get mortgages that they can barely afford, and when we buy vehicles most Americans now stretch their loans out over five or six years.  When we get married, that often means even more debt.  And of course no society on Earth has ever piled up more credit card debt than we have.  Almost all of us are in bondage to debt at this point, and as we slowly pay off that debt over the years we will greatly enrich the elitists that tricked us into going into so much debt in the first place.  At the apex of this debt enslavement system is the Federal Reserve.  As you will see below, it is an institution that is designed to produce as much debt as possible.

There are many people out there that believe that the Federal Reserve is an “agency” of the federal government.  But that is not true at all.  The Federal Reserve is an unelected, unaccountable central banking cartel, and it has argued in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.  The 12 regional Federal Reserve banks are organized “much like private corporations“, and they actually issue shares of stock to the “member banks” that own them.  100 percent of the shareholders of the Federal Reserve are private banks.  The U.S. government owns zero shares.

Many people also assume that the federal government “issues money”, but that is not true at all either.  Under our current system, what the federal government actually does is borrow money that the Federal Reserve creates out of thin air.  The big banks, the ultra-wealthy and other countries purchase the debt that is created, and we end up as debt servants to them.  For a detailed explanation of how this works, please see my previous article entitled “Where Does Money Come From? The Giant Federal Reserve Scam That Most Americans Do Not Understand“.  When it is all said and done, the elite end up holding the debt instruments and we end up being collectively responsible for the endlessly growing mountain of debt.  Our politicians always promise to get the debt under control, but there is never enough money to both fund the government and pay the interest on the constantly expanding debt.  So it always becomes necessary to borrow even more money.  When it was created back in 1913, the Federal Reserve system was designed to create a perpetual government debt spiral from which it would never be possible to escape, and that is precisely what has happened.

Just look at the chart that I have posted below.  Forty years ago, the U.S. national debt was less than half a trillion dollars.  Today, it has exploded up to nearly 18 trillion dollars…

National Debt

But the national debt is only part of the story.  The big banks which control the Federal Reserve also seek to individually dominate our lives with debt.  We have become a “buy now, pay later” society and the results have been absolutely catastrophic.  40 years ago, the total amount of debt in our system was just a shade over 2 trillion dollars.  Today it is over 57 trillion dollars

Total Debt

The big banks do not loan you money because they want to help you achieve “the American Dream”.  The elitists loan you money because it will make them wealthier.  For example, if you only make the minimum payment on a credit card each month, you will end up paying back several times as much money as you originally borrowed.  It is a very insidious form of debt enslavement that most Americans simply do not understand.

Meanwhile, the Federal Reserve is also systematically destroying the wealth that you already have.  If you try to buck the system and actually save money, the purchasing power of that money is continually being eroded by the Federal Reserve’s inflationary policies.  The following chart comes directly from the Federal Reserve and it shows how the value of the U.S. dollar has plummeted over the past 40 years…

Purchasing Power Of The Dollar

Overall, the U.S. dollar has lost approximately 98 percent of its value since the Fed was first established in 1913.

Most people seem to assume that if we could just send the “right politicians” to Washington D.C. that we could get our economy back on the right track.

What those people do not understand is that our system is fundamentally broken.  We are trapped in a perpetual debt spiral that is destined to end in a horrifying collapse.  Just “tweaking” a few things here or there and adjusting tax rates a bit is not going to fix anything.  The vast majority of the “economic solutions” that our politicians talk about are basically equivalent to rearranging the deck chairs on the Titanic.

And of course the elite don’t want the rest of us to truly understand what is going on.  Just think about it.  Even though the Federal Reserve is one of the most important institutions in our society, and even though it is at the very heart of our economic system, our kids are taught next to nothing about the Fed in school.  The vast majority of them have absolutely no idea where money comes from.

Isn’t that pathetic?

But the elite know that if we did understand what they were doing to us that most of us would start to get very upset.  Henry Ford, the founder of Ford Motor Company, once said the following…

“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.”

Please share this article with as many people as you can.  The truth sets people free, so let us do what we can to wake our fellow Americans up to this insidious debt enslavement system which dominates our society.

24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy

Angry Woman - Public DomainDo you want to know why Millennials seem so angry?  We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the “American Dream”.  We told them not to worry about accumulating very high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated.  Well, it turns out that we lied to them.  Nearly half of all Millennials are spending at least half of their paychecks to pay off debt, more than 30 percent of them are living with their parents because they can’t find decent jobs, and this year the homeownership rate for Millennials sunk to a brand new all-time low.  When you break U.S. adults down by age, our long-term economic decline has hit the Millennials the hardest by far.  And yet somehow we expect them to bear the burden of providing Medicare, Social Security and other social welfare benefits to the rest of us as we get older.  No wonder there is so much anger and frustration among our young people.  The following are 24 reasons why Millennials are screaming mad about our unfair economy…

#1 The current savings rate for Millennials is negative 2 percent.  Yes, you read that correctly.  Not only aren’t Millennials saving any money, they are actually spending a good bit more than they are earning every month.

#2 A survey conducted earlier this year found that 47 percent of all Millennials are using at least half of their paychecks to pay off debt.

#3 For U.S. households that are headed up by someone under the age of 40, average wealth is still about 30 percent below where it was back in 2007.

#4 In 2005, the homeownership rate for U.S. households headed up by someone under the age of 35 was approximately 43 percent.  Today, it is sitting at about 36 percent.

#5 One recent survey discovered that an astounding 31.1 percent of all U.S. adults in the 18 to 34-year-old age bracket are currently living with their parents.

#6 At this point, the top 0.1 percent of all Americans have about as much wealth as the bottom 90 percent of all Americans combined.  Needless to say, there aren’t very many Millennials in that top 0.1 percent.

#7 Since Barack Obama has been in the White House, close to 40 percent of all 27-year-olds have spent at least some time unemployed.

#8 Only about one out of every five 27-year-olds owns a home at this point, and an astounding 80 percent of all 27-year-olds are paying off debt.

#9 In 2013, the ratio of what men in the 18 to 29-year-old age bracket were earning compared to what the general population was earning reached an all-time low.

#10 Back in the year 2000, 80 percent of all men in their late twenties had a full-time job.  Today, only 65 percent do.

#11 In 2012, one study found that U.S. families that have a head of household that is under the age of 30 have a poverty rate of 37 percent.

#12 Another study released back in 2011 discovered that U.S. households led by someone 65 years of age or older are 47 times wealthier than U.S. households led by someone 35 years of age or younger.

#13 Half of all college graduates in America are still financially dependent on their parents when they are two years out of college.

#14 In 1994, less than half of all college graduates left school with student loan debt.  Today, it is over 70 percent.

#15 At this point, student loan debt has hit a grand total of 1.2 trillion dollars in the United States.  That number has grown by about 84 percent just since 2008.

#16 According to the Pew Research Center, nearly four out of every ten U.S. households that are led by someone under the age of 40 are currently paying off student loan debt.

#17 In 2008, approximately 29 million Americans were paying off student loan debt.  Today, that number has ballooned to 40 million.

#18 Since 2005, student loan debt burdens have absolutely exploded while salaries for young college graduates have actually declined

The problem developing is that earnings and debt aren’t moving in the same direction. From 2005 to 2012, average student loan debt has jumped 35%, adjusting for inflation, while the median salary has actually dropped by 2.2%.

#19 According to CNN, 260,000 Americans with a college or professional degree made at or below the federal minimum wage last year.

#20 Even after accounting for inflation, the cost of college tuition increased by 275 percent between 1970 and 2013.

#21 In the years to come, much of the burden of paying for Medicare for our aging population will fall on Millennials.  It is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025.  In addition, it has been estimated that Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years.  That comes to approximately $328,404 for every single household in the United States.

#22 In the years to come, much of the burden of paying for our exploding Medicaid system will fall on Millennials.  Today, more than 70 million Americans are on Medicaid, and it is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

#23 In the years to come, much of the burden of paying for our massive Ponzi scheme known as Social Security will fall on Millennials.  Right now, there are more than 63 million Americans collecting Social Security benefits.  By 2035, that number is projected to soar to an astounding 91 million.  In 1945, there were 42 workers for every retiree receiving Social Security benefits.  Today, that number has fallen to 2.5 workers, and if you eliminate all government workers, that leaves only 1.6 private sector workers for every retiree receiving Social Security benefits.

#24 Our national debt is currently sitting at a grand total of $17,937,617,036,693.09.  It is on pace to roughly double during the Obama years, and Millennials are expected to service that debt for the rest of their lives.

Yes, there are certainly some Millennials that are flat broke because they are lazy and irresponsible.

But there are many others that have tried to do everything right and still find that they can’t get any breaks.  For example, Bloomberg recently shared the story of a young couple named Jason and Jessica Alinen…

The damage inflicted on U.S. households by the collapse of the housing market and recession wasn’t evenly distributed. Just ask Jason and Jessica Alinen.

The couple, who live near Seattle, declared bankruptcy in 2011 when the value of the house they then owned plunged to less than $200,000 from the $349,000 they paid for it four years earlier, just as the economic slump was about to start. Jason even stopped getting haircuts to save money.

“We thought we’d have a white picket fence, two kids, two dogs, and we’d have $100,000 in equity,” said Jason, 33, who does have two children. “It’s just really frustrating.”

Can you identify with them?

Most young Americans just want to work hard, buy a home and start a family.

But for millions of them, that dream might as well be a million miles away right now.

Unfortunately, most of them have absolutely no idea why this has happened.

Many of them end up blaming themselves.  Many of them think that they are not talented enough or that they didn’t work hard enough or that they don’t know the right people.

What they don’t know is that the truth is that decades of incredibly foolish decisions are starting to catch up with us in a major way, and they just happen to be caught in the crossfire.

Sadly, instead of becoming informed about what is happening to our country, a very large percentage of our young people are absolutely addicted to entertainment instead.

Below, I want to share with you a video that I recently came across.  You can find it on YouTube right here.  A student at Texas Tech University recently asked some of her classmates a series of questions.  When they were asked about Brad Pitt or Jersey Shore they knew the answers right away.  But when they were asked who won the Civil War or who the current Vice-President of the United States is, they deeply struggled.  I think that this video says a lot about where we are as a society today…

So what do you think about all of this?

Please feel free to add to the discussion by posting a comment below…

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