America’s Escalating National Debt: A Looming Crisis

In the shadowy corners of our nation’s financial landscape, a ticking time bomb lies in wait.

The national debt, once a mere $10 trillion before the 2008 recession, has now skyrocketed to an astronomical $33 trillion. This isn’t just a number; it’s a harbinger of potential economic turmoil that could shake the very foundations of our country.

Imagine a friend who spends recklessly, buying the latest gadgets and luxury items while drowning in debt. Now, picture the US government in that role, but with trillions of dollars at stake.

Over the past eight weeks, our bureaucrats have added a staggering $1.8 trillion to our national debt by suspending the debt ceiling. This move essentially gives them carte blanche to spend without any fiscal restraint.

This is not Apple, Nvidia, or Tesla.

It is the US national debt which has grown by $1.3 trillion in the past 8 weeks since the debt ceiling was suspended. pic.twitter.com/fTZNus9eUx

— Wall Street Silver (@WallStreetSilv) July 31, 2023

20 years ago, the entire US debt was under $7 trillion. Today, our government has spent nearly a quarter of that amount in less than two months.

In a move that shocked those not keeping a close eye on our nation’s financial health, credit agency Fitch downgraded the American government’s credit rating from AAA to AA+.

This decision was based on what Fitch describes as a “continued decline in measures of management,” particularly in relation to fiscal and debt matters.

This downgrade came hot on the heels of a debt ceiling agreement reached between President Biden and the Republican-controlled House, which lifted the government’s $31.4 trillion debt ceiling.

Do you ever wonder what the founding fathers would say about America’s $32 Trillion nation debt?

Well… we do have an idea:

⚡ Thomas Jefferson believed public debt to be the greatest danger

⚡ Benjamin Franklin warned debt compromised national independence pic.twitter.com/SxquMLZ37O

— GLDB ETF Fan | Stocks & Gold (@GLDB_ETF) July 8, 2023

Despite Treasury Secretary Janet Yellen’s dismissal of the downgrade as being “founded on obsolete information,” the reality is hard to ignore.

The United States is teetering on the edge of a financial precipice; the only thing preventing a further downgrade is the fact the US dollar is the world’s standard currency. Though how long can we rely on this status to shield us from the consequences of our own fiscal irresponsibility?

As we stand on the brink of potential economic disaster, it’s crucial to stay informed and prepared. The national debt isn’t just a number; it’s a reflection of our government’s fiscal policies and their potential impact on our economy.