Federal Fiscal Year End: No Good News

September 30th marked the end of the US Federal Government’s fiscal year…

The nation’s debt jumped $1.4 Trillion dollars last year that’s trillion with a T). Boiled down, what that means is that every household in the US picked up an additional $12,036 in debt. each household’s share of the national debt is now $165,575…

This is the third largest single year increase in national debt ever…

One of the three Social Security trusts, the Disability Insurance trust, is already completely exhausted.

Some will blame the Republican controlled Congress. Some the Democratic President. The truth is BOTH are equally to blame but, ultimately, we can only blame ourselves. We voted for these morons. We, the people, keep electing those who promise us free stuff. We continue to send the Washington elite back into office and seem to expect a different result each time (sounds suspiciously like the very definition of insanity).

There is no way this level of debt can be paid back.

Annual tax revenues for 2016 were 3.3 Trillion. Which means our federal government spent about 42% more than they took in. Just to stay even, government programs (all government programs) would have to be cut almost in half. To make any meaningful dent in the national debt cuts would have to be even deeper. Or, taxes would have to be raised. Not counting various excise taxes and other hidden taxes, well over 25% of what I make (and I am by no means rich) already goes to the federal government. Economic growth has stagnated to just a few percent per year and, as the current administration is so fond of saying that is the new normal. So, we can’t grow our way out of the problem.

The bottom line is that our nation is bankrupt. It is a matter of when the default will come, not if. Do you know what to expect in such a disaster? How will you survive? How should you prepare?

I’d suggest spending a little time thinking through those questions…

God bless.

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3 thoughts on “Federal Fiscal Year End: No Good News

    1. After thinking and praying about this situation overnight, we will be re-prioritizing our prepping strategy. Instead of viewing an economic disaster as a possibility we will view it as a probability. Instead of a question of “if” it will be a question of when…

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