Economists have often said the total collapse of the economic system will occur when total debt exceeds that of a nation’s gross domestic product. That milestone will be reached later this year.
Thanks to the government’s overreaction to the coronavirus outbreak, the economy is destroyed, people are banned from making a living, and the national debt has skyrocketed putting the United States on an accelerated path to ruin. The Committee for a Responsible Federal Budget now projects that, as a result of the government’s demands that the economy be closed while people go on an indefinite house arrest, debt held by the public will now exceed GDP by the end of this fiscal year. By 2023, the debt will top the record 106% of GDP set after World War II, according to report by the Fiscal Times.
This is the worst news anyone in the middle class could get. A $1200 stimulus check isn’t going to be nearly enough to bail out Americans, 78% of whom are already living paycheck to paycheck. Some may be able to buy food, but only temporarily. The government has made sure that those who are already struggling financially will suffer the most in the upcoming months.
CRFB says the budget deficit will rise from about $1 trillion last year to $3.8 trillion (nearly 19% of GDP) this year and $2.1 trillion (about 10% of GDP) in 2021 — and the group adds that those projections “almost certainly underestimate” the deficit totals since they assume Congress doesn’t enact additional coronavirus aid or change current tax and spending laws. If the economy doesn’t recover strongly next year or bounce back fully within a few years, the budget watchdogs project that debt would climb to 117% of GDP by 2025. –The Fiscal Times
People in what was once called “the land of the free” were asked to give up their hopes, dreams, livelihoods, and liberty in exchange for a false sense of security. And most fell right in line like the good little brainwashed puppets the government wants. If you are not concerned about the path humanity is on at this point, you’re delusional.
The coronavirus was an excuse to panic the public into giving up their rights so the elitists could conduct the biggest wealth transfer in history from the now impoverished masses to themselves.
CRFB wants people to avoid questing the government’s response too. Try to not think for yourself and look at what is really going on, say the elitists of the world. “Like the record levels of borrowing undertaken during World War II, a large share of today’s massive deficits are both inevitable and necessary in light of the current pandemic crisis,” the group says. But it warns that eventually, “such high and rising deficits and debt levels will prove unsustainable, and corrective action will be needed.”