From the words of Mark Grant:
"Our country is in a real difficulty. It is rarely talked about in the Press, but it is there, nonetheless. Bank of America projects that the United States will have a debt of $34 trillion by year end. This is the largest debt in our history. Bank of America also projects that we will rack up $1 trillion more in debt every 100 days. According to our Treasury Dept we spent $429 billion on interest payments alone, in the last year. To put that number in perspective, that is 240% of what the government spent on transportation, commerce and housing combined".
He goes on to add:
"The U.S. Bureau of Economic Analysis (BEA) states that the income, Gross Domestic Product (GDP), of the United States was $27.96 trillion at the end of 2023. This means that our debt is $6.04 trillion more than our economy produces and that is just not sustainable. In fact, America sold $22 trillion in debt last year while the Fed raised interest rates to combat inflation. In doing so our Federal Reserve Bank also raised borrowing costs, which have skyrocketed for credit card debt, over 22% now, and HELOC’s and corporate borrowings while a yield of over 5% on our 10 year Treasury, in my opinion, is clearly in sight. According to Fed data America’s national debt rose 86% over the last decade while our GDP grew by 63%. This is just not sustainable".
And the nail in the coffin:
"Looking forward, our Treasury Department projects America’s borrowing, in May alone, to be $385 billion. We are walking into a sinkhole where either expenditures must be cut or taxes raised and both of these options have serious consequences, in my opinion. We are in the trial now with no tribulations yet in sight".
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