US National Debt Crosses $18 Trillion
It worth taking note that the United States government has just surpassed the $18 trillion mark. Of course, that is almost a symbolic mark given the avalanche of debt coming in the form of unfunded future liabilities. Most of these unfunded liabilities are related to promised spending on Social Security, Medicaid, and Medicare, but there are sources as well. We have seen credible sources estimate these liabilities in excess of $200 trillion, but even more optimistic estimates will see the national debt swell to $100 trillion in just a few decades. Still worse, such estimates could easily underestimate the final tab given current trends in Washington, DC and what amounts to an illegal process, that used to be called "budgeting" in Congress. Everyone ought to familiarize themselves with the implications of these trends which include among other things, national default and hyperinflation. This is a big part of why Americans are leaving the country and renouncing their citizenship in record numbers.
Narrated by Harold Fritsche. Music by Kevin MacLeod.
Although largely forgotten today, repudiation of public debt is a solid part of the American tradition.