The inevitability of the US defaulting on its debt has been pretty clear to many for the last few years. The implications of this are not pretty. This isn’t Greece. It would likely shut down world trade or at least North American trade, which is Jacob Schum Authentic Jersey what feeds my family, and likely yours.
Jacob Schum Jersey height=”231″ />Have you thought about what happens if world trade shuts down. How do we eat? How willing will Alberta farmers be to ship beef, or Florida, California, or Mexican farmers to ship fruit and vegetables?
This concerns me.
The US National Debt is about $14.5 trillion, or almost $130,000 per U.S. taxpayer / $46,000 for every citizen (click on the link for the amount TODAY!)
How in the world do they plan to pay that off? Jacob Schum Kids Jersey They used to be able to stay ahead of the game because they were the most productive society in the world. They are still there. Even if they stand still, they need to tax every man, woman and child several thousand dollars per year just to pay the interest. That’s every year and it’s every Jacob Schum Womens Jersey citizen. Think about how much some of them earn (under 18, otherwise whatever). Until it’s at least being serviced, which today it is not, the debt keeps growing. And this is just what the federal government owes! The US’ total debt per citizen is about $180,000.
Who exactly thinks that what about this situation is going to change any time soon? I don’t. And that means that the USA will be headed for perhaps not quite Greece-style austerity measures, but the truth is that when the lender of last resort is gone, who knows what the world looks like. I doubt it’s pretty. The US can not in any realistic way pay its debt. Until this point its lenders (mostly Chinese and other Asian institutions) have played their own game of “The Emperor’s New Clothes” and have essentially pretended that this isn’t going to happen, by continuing to lend to them. The reason being that it’s an equally big problem for the lender as it is for the borrower when something this big Jacob Schum Youth Jersey goes down…
The only way I can think of to change it is for President Obama, Congress and Senate to all agree it’s time to signal that “we get it” and we don’t want the world to end. I can’t really see that happening. Might want to stock up on canned goods…