Destroying Tomorrow - US Debt Will Crush Future Americans

We don't know when...but at some point (we hope it happens after the rapture) America is going to come to the end of its borrowing spree and no one in the world will want to buy our debt.  At that point US bonds will become JUNK BONDS like Greece or Portugal....our interest rates will sky rocket and we will be insolvent.

That's when things will really get interesting!!

If you really wanted to live like a millionaire, you could start doing it right now.  All you have to do is to apply for as many credit cards as possible and then begin running up credit card balances like there is no tomorrow.  

At this point, I know what most of you are probably thinking.  You are probably thinking that such a lifestyle would not last for long and that a day of reckoning would eventually come, and you would be exactly right.  

In fact, anyone that has ever had a tremendous amount of credit card debt knows how painful that day of reckoning can be.  To mindlessly run up credit card debt is exceedingly reckless, but unfortunately that is precisely what we have been doing as a nation as a whole.  We are a "buy now, pay later" society, and our national day of reckoning is approaching very, very quickly.

Often we like to focus on our exploding national debt, but household debt is out of control too.  In fact, the total amount of household debt in the United States is now up to a whopping 12.3 trillion dolllars...

In the second quarter, total household debt increased by $35 billion to $12.3 trillion, according to the New York Fed's latest quarterly report on household debt. That increase was driven by two categories: auto loans and credit cards.

We throw around words like "trillion" so often these days that they often start to lose their meaning.  But the truth is that 12.3 trillion dollars is an astounding amount of money.  It breaks down to about $38,557 for every man, woman and child in the entire country.  

So if you have a family of four, your share comes to a grand total of $154,231, and that doesn't even include corporate debt, local government debt, state government debt or the gigantic debt of the federal government.  That number is only for household debt, and there aren't too many Americans that could cough up their share right at this moment.

Do you remember when I wrote about how credit card companies are specifically targeting less educated and less sophisticated consumers?  Well, that is where much of the credit card debt growth has come lately.  Just check out these numbers...

Now, credit cards are returning among individuals with low credit or subprime credit scores below 660. Among people with credit scores between 620 and 660, the share that had a credit card rose to 58.8% in 2015 from a low of 54.3% in 2013. 

Among those with scores below 620, the number of people with a credit card increased to 50% from a low of 45.6% two years ago. Both figures for 2015 are the highest since 2008.

In America today, we are enjoying a standard of living that we do not deserve.

We consume far more wealth than we produce.  The only way we are able to do that is by going into debt.

We have been taking more than 100 million dollars of future consumption and bringing it into the present every single hour of every single day during the Obama administration.  That is why I am constantly referring to our "debt-fueled standard of living".  

We do not deserve to live the way that we do, but since we are able to steal from our children and our grandchildren we are able to enjoy a standard of living that most people in the world can only dream about.

Of course we are literally destroying the future of America in the process, but very few people seem to care about that these days.

Unfortunately, we are a bunch of debt pigs, and we just can't help ourselves.  We have come to believe that it is "normal" to go into so much debt, and as a society we continue to race toward economic oblivion.


http://www.prophecynewswatch.com/article.cfm?recent_news_id=599

"But Dennis, I don't get it!  You have been warning us since before the collapse of 2008 that things are going to get bad here....and it's only gotten better and better!  New trucks are everywhere, people are building everywhere, food prices are down, stock market is up, gasoline prices are down, people have jobs....and yet you keep posting article that things are gonna get bad!  What's up with you anyway?"

The above article points out a very simple answer to that question.  The ONLY reason we have been able to live the affluent lives that we have lived since the collapse of 2008 is because we have been able to steal from our children in order to live like kings today.

One day that will all come to a very abrupt end....and then people will stand around and say, "Huh...how come the smartest bankers, investment people, Congress and businessmen in the country couldn't see that we can't borrow money forever to live lives we can't afford today?"

They said the same thing in 2008 as they looked at the housing-mortgage collapse.

People simply refuse to learn from previous mistakes.

One of the most dangerous sayings in all of history is; "This time, things will be different."