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Global market data

Cryptocurrencies: 5,988
Markets: 545
Marketcap: $ 539.84 B
24h Vol: $ 70.91 B
BTC Dominance: 60.99%

[ZEROHEDGE] The Golden Solution To America’s Debt Crisis

Zero Hedge

The Golden Solution To America’s Debt Crisis

Tyler Durden

Wed, 10/28/2020 – 20:25

Authored by James Rickards via The Daily Reckoning,

Right now, the United States is officially $27 trillion in debt. Nearly $7 trillion was added since President Trump took office.

This year’s budget deficit is projected at $3.3 trillion, over three times last year’s estimate. The coronavirus is responsible, and the number should be an outlier. But annual deficits will be at the trillion dollar level for the foreseeable future.

Basically, the United States is going broke.

I don’t say that to be hyperbolic. I’m not looking to scare people or attract attention to myself. It’s just an honest assessment, based on the numbers.

Now, a $27 trillion debt would be fine if we had a $50 trillion economy. But we don’t have a $50 trillion economy. We have about a $21 trillion economy (at least we did), which means our debt is bigger than our economy.

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