Michael Snyder (OPINION) - Every dollar that the federal government borrows and spends puts us even closer to a day of reckoning. Many Americans (especially those on the left) seem to think that we can endlessly spend trillions upon trillions of dollars without ever suffering any consequences. If that was true, why hasn’t any other society in all of human history ever been able to do such a thing? Unfortunately, the truth is that the United States is not immune to the laws of economics. Wildly creating money and driving up our national debt to absurd heights is inevitably going to crush our economic system. And at this point, our debt-to-GDP ratio is already higher than Greece’s debt-to-GDP ratio was when the economy of that country finally collapsed…
But it’s worth noting that the US debt-to-GDP ratio—essentially a country’s debt compared to its annual economic output—was 129 percent at the end of 2020. In other words, the official US debt was nearly a third larger than the entire US economy. That is considerably higher than Greece’s debt-to-GDP ratio in 2010, when it received a bailout from the International Monetary Fund to avoid defaulting on its obligations.
Even though we are already at such a dangerous level, the Biden administration wants Congress to pass another four trillion dollar spending package…
Senate Minority Leader Mitch.....READ MORE
Michael Snyder is a nationally syndicated writer, media personality and political activist. He is the author of 5 books including his latest, Lost Prophecies Of The Future Of America” which is available on Amazon.com. He has four others that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. Michael allows others to republish his work on other websites because he feels people need hope more than ever before, and its his goal to share the gospel of Jesus Christ.