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

fiat money
constitution-bill-of-rights-credit-liberty-edu-2016

What The Department of Justice Says About The First Amendment

dr-fauci-slow-the-spread-coronavirus-corruption-businessinsider-com-2020-truth

SORRY AMERICA – Those Catastrophic Mortality Rates Sold to Us by the WHO, Dr. Fauci and Dr. Birx Were a Huge Scam

coronavirus-lies-no-2nd-wave-nhpr-org-2020-truth

TRUTH: There Isn’t a Coronavirus ‘Second Wave’

vultures-mentalfloss-com-2020-truth

Lukewarm and Carnal Christians Should Heed This Prophetic Warning

pure-worship-hands-to-heaven-cncinternational-org-2020-truth

GOD: Justice Shall Come, But NOW My Focus Is YOU … Prophecy … A Time For Reckoning

gods-divine-2020-jubilee-reset-365prophetic-com-2020-truth

What The Enemy Meant For Evil, The Lord Is Turning For Good

land-of-the-free-home-of-the-brave

What Does The Star Spangled Banner Mean To You Today?

facebook-messenger-vulnerability-hack-safeguarde-com-2020-truth

A Bug in Facebook Messenger for Windows Could’ve Helped Malware Gain Persistence

the-view-joy-behar-abcnews-go-com-2020-truth

The View’s Joy Behar: Me & Husband “Drive Around Looking for People Not Wearing Masks”

white-lives-dont-matter-cambridge-professor-dailymail-co-uk-2020-truth

“White Lives Don’t Matter” Academic: “I Resist Urges To Kneecap White Men”

sex-trafficking-womensfundmiami-org-2020-truth-ice-news

BREAKING: Over 1,000 Rescued From Sex Trafficking, Over 28,500 Arrested

mccloskeys-2-stlouis-post-dispatch-polaris-zerohedge-com-2020-truth

Cops Raid Mansion Of St. Louis Couple Who Defended Home From Protesters, Confiscate AR-15

real-life-witches-thesun-co-uk-2020-truth

Why Were Witches Involved in the ‘Protests’?

ghislaine-maxwell-bill-clinton-thegatewaypundit-com-2020-truth

In May Reports Came Out that Bill Clinton Dated Ghislaine Maxwell

facebook-censorship-medium-com-2020-truth

Big-Tech Tyrant CENSORS Video About Tech CENSORSHIP – You Can’t Make This Up



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:

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 ...