American’s are overworked, underpaid, and constantly in debt. The latest asset bubble and ‘land of opportunity’ bubble is bursting. Futile attempts made towards sustainable savings or investments are..well…just impossible. As we get behind on bills we continue to buy stuff, the stock markets go up based on companies and people borrowing more money then ever, the asset bubble will pop, and the cycle of poor economic health continues and because of the mounting debt it will get worse then ever. Is this really how we increase productivity and improve our economy?
Some would argue that debt drives the American economy. We rest easy knowing that banks create money from nothing only to pour that debt into the stock market rather than looking for systemic reasons for people not making enough money to invest for retirement. In fact, the powers that be would say that debt is required for our economy to function but what is really going on is that the bankers make money selling debt and the bankers control the economy. Folks, just follow the money and you will see that it leads to the Federal Reserve and guess who owns and operates that… commercial bankers.
But this is simply not working.
Buying stuff used to mean that someone had to make it. But with automation and digitization less and less work is required. Most automation and digitization processes are financed by debt, that means the stuff most Americans buy on credit is debt financed which supports more debt financing.
But buying stuff means we are creating jobs and the American dream alive, right? It’s a pipedream.
Americans are using credit cards more than ever before. Spending borrowed money simply replaces the spending that would have taken place later less the interest payments. And since people aren’t getting raises, it means that the math doesn’t add up. In fact, buildup of consumer debt is a sign that there is a reckoning coming. The Great Recession of 2008 was alleviated by people using savings and credit cards. But if people are maxing out their credit cards and more then 60% of the American population has less then $400 in savings what is left to boost the economy when the bubble bursts. The result is a huge, if not disastrous negative impact on the nation’s economic future.
The numbers don’t lie. Total US debt is a whopping $74 trillion dollars and the U.S. government has racked up $20 trillion dollars towards it with more to come; that’s 28 percent of the world’s debt which is even more staggering at $260 trillion.
This is not sustainable.
We all celebrated when 200,000 jobs were created in January 2018 while the S&P sky rocketed a trillion dollars in value. Meanwhile, congress shrugged its shoulders as the national debt was forecast to soar a $1 trillion. See a pattern here? This isn’t sustainable economic health. It’s lunacy. Hiring 200,000 employees divided by a trillion dollars means that those same employees would have to be creating $5 Million dollars of value each.
Asset bubbles are the junk food of the American economy and we’re bloated on debt. It’s time we stop playing the bankers game. It’s time for the people of America to take control of our economy and future.