US national debtI think this is what Experienced has been warning us about:
USA national debt:
1930: $16 billion
1940: $43 billion
1950: $257 billion
1960: $286 billion
1970: $371 billion
1980: $908 billion
1990: $3.2 trillion
2000: $5.6 trillion
2010: $13.5 trillion
2020: $27.7 trillion
2023: $32.8 trillion
If I'm not mistaken, that doesn't include debt from individual states.
For easy math, lets assume there are 328 million people in the USA.
$32,800,0000,000,000 debt divided by 328,000,000 people = $100,000 per person. Given that half of Americans are living pay cheque to pay cheque, the burden on those with assets doubles to $200,000 per person.
What percentage chance do you think the debt won't keep growing? Zero!
What percentage chance of ever paying off the debt? Zero!
Capitalism runs on debt which is really just a promisory note to pay back the loan. Without debt, nobody could buy a house and very few could but a car.
Given that the Federal debt will never be repaid, can anyone have any confidence that capitalism as it now stands has any chance of survival?
Not me. I'm an old guy so the burden of an implosion is unlikely to fall on my generation. Which generation witnesses the carnage remains to be seen but it is inevitable unless you believe Elon Musk.