Nation’s Debt Will Hit Americans in “5 Awful Ways” | Newsmax

fiat money
gotcha-predators-myvalleynews-com-2020-truth

Patriots Stand Up Against Child Predators While Mall Backs Down From Issue

kidnapping-attempt-video-screenshot-breaking911-com-2020-human-trafficking-truth

WATCH: Scary Video Shows Man Attempting To Kidnap A 6-Year-Old Girl From Her Mom’s Lap Before Dad & Uncle Intervene

oann-2020

Report: Trump Allies Explore Buyout of OANN to Compete Against Fox News

William-Casey-CIA-disinfo-campaign.jpg.optimal

How Do You Spot Disinformation Agents?

planned-parenthood-students-for-life-lifenews-com-2020-truth

PETITION: Planned Parenthood Opening “Health Centers” in 50 High Schools

2020-prophetic-word-justice-favor

Prophetic Word for 2020: ‘JUSTICE and FAVOR’

2a-defense-virginia-patriotinstitute-org-2020-truth

2020: Is Democrat Governor Ralph Northam Ready To Face a Civil War Against American Patriots?

landing_001_photo_credit_lockheed_martin_1-1-nasa-x-59-quiet-supersonic-research-aircraft-12-19-19

VIDEO: NASA Space Force Airplane Is Something Straight From STAR WARS

amazon-doorbell-cameras-surveillance-network-spying-for-big-brother-2019-truth

Police Departments Partnering With Amazon to Spy on Citizens

human-trafficking-global-problem-ice-gov-coming-for-you-2019-truth-pizzagate

ICE HSI Arrested 2,197 Criminals Associated With Human Trafficking In Fiscal Year 2019

anti-vaxx-truth-immunizationalternatives-com-2020-truth

Detroit Mother Sentenced to Jail for Not Vaccinating Her Son

state-of-emergency-breaking911-com

Virginia Governor Declares State of Emergency; Law Enforcement Agencies on High Alert

nukes-nationalinterest-org-2020-truth

Israel Says Iran Months Away From Nuke Bomb Milestone

homeless-houston-defendernetwork-com-2020-truth

Houston Police Force Homeless To Throw Away Donated Food, Blankets

general-flynn-e-militia-com-2020-truth

BREAKING: General Flynn Moves To Withdraw Guilty Plea

bernie-sanders-cnn-com-2020-truth

Bernie Sanders Staffer Says Trump Supporters Will Need To Be ‘Re-Educated In Camps’

jesus-vs-satan-2020-truth

Pastor: You Shouldn’t Be Afraid of Witchcraft, Demons if You’re a Christian



Nation’s Debt Will Hit Americans in 5 ‘Awful Ways’ | Newsmax

fiat money

Politicians in Washington are once again squabbling over raising the debt ceiling even though the national debt already stands at $16.4 trillion — or $52,000 for each of America’s 333 million people.

“Although the government won’t send each of us a bill for $52,000, Americans will pay the debt in five increasingly awful ways,” two economists observe in an op-ed piece for the Pittsburgh Tribune-Review.

The first is a cut in public services. The federal government currently pays interest on the debt equal to 17 cents out of every dollar it collects. That figure will likely rise to 25 cents within the next 10 years, lowering the amount the government can spend on public services.

The second way Americans will pay for the debt is in delayed retirement and lower wages, according to Antony Davies, an associate professor of economics at Duquesne University and an affiliated senior scholar at the Mercatus Center, and James R. Harrigan, a fellow of the Institute of Political Economy at Utah State University.

Due to the debt, the Federal Reserve will be under pressure to keep interest rates low to control interest expenses. Low rates mean seniors can’t afford to retire because their investment savings earn low returns, and this increases competition for jobs and lowers wages for younger workers.

The third way is obvious: higher taxes.

The fourth is inflation due to the Federal Reserve’s need to print money to cover government expenses. This “quantitative easing” causes inflation and requires Americans to pay more for everything they buy.

Finally, debt would ultimately lead to cuts in Social Security and Medicare benefits. There are precedents: Beginning in 1983, many seniors were required to pay income tax on their Social Security benefits, and in 2000 Congress raised the retirement age for the first time.

The authors conclude: “The $16 trillion debt is as serious as a heart attack” and Americans will pay “because our government lives beyond our means.”

Editor’s Note:

Please LIKE & SHARE this post ... and leave your thoughts & feelings in the COMMENT SECTION by scrolling down ...