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

fiat money
witchcraft-black-magic-witch-merriam-webster-com-2020-truth

Beware: Wicked Witchcraft Season Now Raging Against Believers

google-eyes-escarcasm-com-2020-truth

Here’s How To See What Google Knows About You

trump-prophetic-word-charismamedia-org-2020-truth

Trump Receives Prophetic Word: ‘I Am Giving Him a Second Win’

bigstock-Us-Constitution-We-The-People-know-your-rights-flag-feather-pen-rightslitigation-com-2020-truth

YES! The American People Deserve to Know What Biden & Harris Will Do to The U.S. Constitution

halloween-christians-cross-pumpkin-jesushouse-org-2019-truthful-prophecy

Prophet Who Sees Demons Warns Christians Again About Celebrating Halloween

pope-francis-evil-photocredit-beforeitsnews-com

Yes! Halloween Is REALLY Evil & You Shouldn’t Allow Your Kids To Celebrate. Period.

halloween-pumpkins-jellytelly-com

Can Halloween be Christianized Again?

devil and Jesus arm wrestle

With Halloween Comes The Evil Principalities of Darkness The Bible Speaks About

christians-halloween-joydigitalmag-com

Why Christians Should NOT Celebrate Halloween … A Long List Of Reasons

halloween-bible-prophecy-night-living-dead

Why Christians Should Stop Celebrating Halloween Immediately?

Screenshot-10_27_2020-11_13_50-PM-real-life-witch-screenshot-newyorker-com-2020truth

Real Life Witches Are Casting Spells To ‘Bind Trump’ This Hallow Season

2020-10-27_16-48-07-trump-website-hacked-seized-screenshot-zerohedge-com-2020-truth

Yes! President Donald Trump’s Website Was Really Hacked … Here’s The Scoop

tactical-gear-reddit-2020-truth

Americans Are Panic-Buying Military & Survivalist Gear Two Weeks Before Election

pope-francis-ibnlive-com-2020-truth

In Recent Abomination, Pope Francis Endorses Same-Sex Civil Unions

biden-americanconservativemedia-com-2020-truth

Joe Biden Forgets Trump’s Name Again, Claims He Is Running Against “George Bush”

fbi-christopher-wray-fired-nemzeti-net-2020-truth

President Trump Set To ‘Immediately’ Fire FBI Director Christopher Wray

twitter-censorship-decrypt-co-2020-truth

Twitter Suspends User For ‘Hateful Conduct’ After Tweeting That ‘Only Females Get Cervical Cancer’

netflix-cuties-gossiponthis-com-2020-truth

Netflix Sees Subscriptions Drop By 800% Following “Cuties” Backlash

ashley-biden-molested-nationalfile-com-2020-truth

Biden Daughter’s Diary Details ‘Not Appropriate’ Showers With Joe As Child

native-american-family-vintage-bw-grandfathersspirit-com-2020-truth

How the White House Is Seeking Justice for Native Americans



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:

How Safe Is Your Drinking Water

free bitcoin every hour

Please use the buttons below to TWEET & SHARE this post ... and leave your thoughts & feelings in the COMMENT SECTION by scrolling down ...