The National Debt just increased more than 1/4 of a trillion dollars in 60 days. That’s a stack of $100 bills more than 150 miles into the sky! Add that to the $34 trillion and we have a problem coming. The billionaire, Leon Cooperman, warns us that a financial crisis is coming. No one can say when or what will trigger it but it becomes obvious to a school child at some point. 50 years ago if a person saw a penny or a nickel on the street they would stop and pick it up. It still had value. You could buy a huge stick of bubble gum for 5 cents. It was called a Bub’s Daddy. If the government doesn’t change course soon and inflation takes off, which is inevitable, one day a person won’t stop to pick up $100 bill because it simply won’t be worth anything. It’s happened in world history more times than you can count. I pray Jesus comes for us before this happens and that the rapture of the church is the final straw which tanks the US dollar and sends the global financial market into a tail spin. This would give rise to a man rising up, with Satan’s help, to come up with a new digital currency that requires a special mark to buy or sell anything.
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That’s an increase of $273.859 billion in about 60 days.
The record-high US debt level comes as billionaire investor Leon Cooperman warns that the country is inching closer to a financial crisis.
According to the hedge fund manager, the country missed the opportunity to achieve financial sustainability when it largely set aside the recommendations of the Simpson-Bowles report.
The report, which was released in December 2010 during the Obama administration, sought to avert a potential financial cliff by cutting back on key government spending and raising revenue to put the “national debt on a stable and then downward path.”
Says Cooperman on CNBC,
“The debt situation, you’re right, I’m concerned. We have a system of leadership in this country that devolved into a leadership in crisis.
On your program a number of months ago, you had Mitt Romney and [Senator Joe Manchin]. They basically endorsed the Simpson-Bowles [report], which was about eight or nine years ago. The only problem is [there is] nothing we’ve done about the Simpson-Bowles report and the problem is three times larger today.
But when you have no idea when the stuff hits the fan… If deficits don’t matter as some people insist, then I’m being too conservative. But deficits matter. I think they will ultimately.
I think we’re heading into a financial crisis in this country.”
In March, the Congressional Budget Office stated that the federal deficit amounted to $1.7 trillion for the 2023 fiscal year, up from $1.4 trillion in 2022.
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