The United States is on the brink of hitting a monumental “milestone” as a country. The total national debt is severely close to breaking $28 trillion.
Oddly enough, this is a fact (glooming one at that) that seems only to resonate or matter to some when in fact, it should matter to everyone living in this great country.
If our current debt levels don’t seem like a big deal, listen to the Congressional Budget Office, which recently warned that the federal debt is projected to almost double by 2051.
If we continue on this spending spree, our federal spending level is estimated to engulf our GDP at a rate of 102% by year-end.
That means we would have spent more as a country than we made that year, And, of course, it isn’t stopping there.
That same level is set to reach 107% of the GDP in 2031 and nearly double to 202% of GDP by 2051.
Every year, the Congressional Budget Office publishes a report with their projections of what federal debt, deficits, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change.
The agency is reporting that “At an estimated 10.3 percent of gross domestic product (GDP), the deficit in 2021 would be the second-largest since 1945, exceeded only by the 14.9 percent shortfall recorded last year.”
What is more alarming is that the CBO report did not take into account the additional $1.9 trillion in federal spending proposed by President Biden.
Given such alarming facts and no talks of debt slowing down, many fear that an economic collapse is in store for us- and can we really blame them?
With a situation like this at hand, and again, with no resolution or end in sight, it boils down to the future well-being of our lives.
Now those “dooms dayers” don’t seem as out there as we thought, right?
Although there has never really been a time in our history that is comparable to what is occurring now, we have to take what little measures we have left in order to protect ourselves and our family.
True, we’re facing uncharted waters- but gold has always been the golden asset of choice in times like these.