If we look at only the US federal debt, a number that is in the news constantly, we see a chart that shows marked acceleration over the past twelve years.Money creation, fiscal excess, budgets, resource depletion, economic growth, the end of cheap energy, and population growth without limit are difficult matters to understand. Eventually, we'll all have our faces rubbed in them, however much we want to believe that the "war on women" is serious, state-of-the-art political analysis.
And if you're thinking that perhaps the US can just continue to borrow from the rest of the world on this trajectory forever, have I got news for you. The rest of the developed economies are just as broke as we are, some even more so.
A 2013 study concluded that the world's developed economies were carrying over 375% of debt as compared to their gross domestic product, or GDP. Why is this important? Because if the total amount of debt is what a nation owes, then its GDP is its income.
In all of history we have exactly zero examples of any nation ever climbing out from under a debt load greater than 260%.
As the quote from Mr. Taggart shows, our use of debt cannot continue as before. There is no discussion in our public life of this issue, however, because too many people are invested in what can only be financed with huge annual debt (or crushing taxes).
It's the proverbial elephant in the living room that no one wants to acknowledge . . . but it's there. Importing millions of third-worlders will only add to the welfare burden and create untold headaches caused by lawfare and unassimilable foreigners who despise us. The Treason Class (including the GOP leadership) think that foreigners will clean up our mess for us by working for less and meekly catering to what we want, but this is wishful thinking.
Nothing in that strategy will change the realities of our bizarre inability to get a grip on how we use debt.
"The 'Accelerated' Crash Course." By Adam Taggart, Peak Prosperity, 6/25/14 or before.
H/t: Zero Hedge.