St. Phatty
Active member
The US moves closer to Official Bankruptcy.
Not because of a Zero Hedge article, Zero Hedge just brought the most recent set of numbers together.
FIRST HALF -
Fiscal 2023 Spending $3.149 Trillion
Fiscal 2023 Incoming (Tax Revenues) 2.048 Trillion
National Debt increases $1.101 Trillion - in 6 months.
National Debt is about $31.46 Trillion
Interest costs - $640 Billion for 2023 (paying about 2% interest)
2022 GNP $26.2 Trillion
US borrows about $2 Trillion in 2023, pays $640 Billion to cover $31+ Trillion Debt.
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Kind of hard to conceive.
Imagine a working person with assets, debts, income & interest 1/100 Million of National Numbers.
(related to population of about 332 Million)
Income of $20,480 for first 6 months of 2023, but expenditures of $31,490
Personal Debt increased $11,010 in 6 months 2023
Total Debt is $314,600
Would a bank loan you $11K for the second half of 2023 ?
For a normal person or business, if they're borrowing money to pay the interest on their debt -
They Are Bankrupt.
I presented a similar set of numbers to a bank manager a few years ago.
They said "is this a trick question ? This person is WAAAY Bankrupt."
I said, well yes, it was a trick question. That's the U S A, divided by 100 Million.
They said, "well the US government can print money".
How long will the US gov. be able to print money to make ends meet ?
Normally, "Banana Republic" status is conferred on a nation when their Debt exceeds their GNP.
For the US, Debt is about 119% of GNP.
Not because of a Zero Hedge article, Zero Hedge just brought the most recent set of numbers together.
"Not Sustainable": The US Budget Deficit Is Unexpectedly Soaring Again And Why It's About To Get Much Worse | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
FIRST HALF -
Fiscal 2023 Spending $3.149 Trillion
Fiscal 2023 Incoming (Tax Revenues) 2.048 Trillion
National Debt increases $1.101 Trillion - in 6 months.
National Debt is about $31.46 Trillion
Interest costs - $640 Billion for 2023 (paying about 2% interest)
2022 GNP $26.2 Trillion
US borrows about $2 Trillion in 2023, pays $640 Billion to cover $31+ Trillion Debt.
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Kind of hard to conceive.
Imagine a working person with assets, debts, income & interest 1/100 Million of National Numbers.
(related to population of about 332 Million)
Income of $20,480 for first 6 months of 2023, but expenditures of $31,490
Personal Debt increased $11,010 in 6 months 2023
Total Debt is $314,600
Would a bank loan you $11K for the second half of 2023 ?
For a normal person or business, if they're borrowing money to pay the interest on their debt -
They Are Bankrupt.
I presented a similar set of numbers to a bank manager a few years ago.
They said "is this a trick question ? This person is WAAAY Bankrupt."
I said, well yes, it was a trick question. That's the U S A, divided by 100 Million.
They said, "well the US government can print money".
How long will the US gov. be able to print money to make ends meet ?
Normally, "Banana Republic" status is conferred on a nation when their Debt exceeds their GNP.
For the US, Debt is about 119% of GNP.