We are living in the greatest debt bubble in the history of the world. In 1980, total government and personal debt in the United States was just over the 3 trillion dollar mark, but today it has surpassed 41 trillion dollars. That means that it has increased by almost 14 times since Ronald Reagan was first elected president. I am searching for words to describe how completely and utterly insane this is, but I am coming up empty. We are slowly but surely committing national suicide, and yet most Americans don’t even understand what is happening.
According to 720 Global, total government debt plus total personal debt in the United States was just over 3 trillion dollars in 1980. That broke down to $38,552 per household, and that figure represented 79 percent of median household income at the time.
Today, total government debt plus total personal debt in the United States has blown past the 41 trillion dollar mark. When you break that down, it comes to $329,961.34 per household, and that figure represents 584 percent of median household income.
If anyone can make a good argument that we are not in very serious debt trouble, I would love to hear it.
And remember, the figures above don’t even include corporate debt. They only include government debt on the federal, state and local levels, and all forms of personal debt.
So do you have $329,961.34 ready to pay your share of the debt that we have accumulated?
Nobody that I know could write that kind of a check. The truth is that as a nation we are flat broke. The only way that the game can keep going is for all of us to borrow increasingly larger sums of money, but of course that is not sustainable by any definition.
Eventually we are going to slam into a wall and the game will be over.
One of my pet peeves is the national debt. Our politicians spend money in some of the most ridiculous ways imaginable, and yet no matter how much we complain about it nothing ever seems to change.
For example, the U.S. military actually spends 42 million dollars a year on Viagra.
Yes, you read that correctly.
42 million of your tax dollars are being spent on Viagra every year.
And overall spending on “erectile dysfunction medicines” each year comes to a grand total of 84 million dollars…
According to data from the Defense Health Agency, DoD actually spent $41.6 million on Viagra — and $84.24 million total on erectile dysfunction prescriptions — last year.
And since 2011, the tab for drugs like Viagra, Cialis and Levitra totals $294 million — the equivalent of nearly four U.S. Air Force F-35 Joint Strike Fighters….
I have an idea re: the erectile dysfunction issue. But if you haven’t figured it out by now there’s no point in going into it.
As far as the “debt” issue, I have an idea about that too.
Let’s just stop being stupid, ok? Thou shalt not hit thyself in the head with a hammer. The punishment will be swift and severe.
Oh the irony. We must be the laughing stock of the universe.