The US Debt Is Near $100,000.00 Per American: That Seems Like A Lot
Silver is your Survival Guide
The United States is grappling with a massive national debt that has reached over $34 trillion, equating to approximately $100,000.00 per citizen.
This astronomical figure has accumulated due to persistent budget deficits and various contributing factors.
The US military (Defense Budget) and interest on the debt are the largest strains on the budget
The total dollar amount spent on interest payments for the U.S. national debt in fiscal year 2023 was $659 billion. This represents a significant increase from previous years due to rising interest rates and growing national debt.
Key points about the interest payments on the national debt:
The $659 billion spent on interest in 2023 is equivalent to 2.5% of GDP.
This amount nearly doubled over the past three years, increasing from $345 billion in 2020 to $659 billion in 2023.
Interest payments are now the fourth-largest government program, behind only Social Security, Medicare, and defense.
The increase in interest costs is attributed to two main factors:
A $9.5 trillion increase in debt held by the public between the beginning of 2020 and the end of 2023
Significantly higher interest rates, with 10-year Treasury Notes averaging 3.8% in fiscal year 2023, compared to 1.1% in 2020
The Federal Reserve's aggressive rate hikes in response to inflation have contributed to the rising interest costs. The federal funds rate target range was raised to between 5.25% and 5.50% by July 2023, a 22-year high.
Looking ahead, the Congressional Budget Office projects that annual net interest costs will total $870 billion in 2024 and nearly double over the upcoming decade, reaching $1.6 trillion by 2034.
This substantial increase in interest payments on the national debt reflects the impact of recent Federal Reserve policy decisions and the growing U.S. debt burden.
A significant portion of the national debt stems from so called “essential” government programs like Medicare, Medicaid, and Social Security, which provide healthcare and welfare support to millions of Americans.
Other major contributors include expenditures on education, energy, and public infrastructure. Interest payments on the debt are substantial, amounting to about $400 billion in 2022, with expectations of further increases as interest rates rise.
The debt burden has been exacerbated by governmental fiscal stimulus measures, including relief packages implemented during economic downturns and the COVID-19 pandemic. While these measures were crucial for economic stabilization, they have had long-term financial implications.
The rising national debt could lead to serious consequences for American citizens, including higher taxes, reduced public services, inflation, and increased interest rates. These factors could impact various aspects of daily life, from mortgage rates to the cost of goods.
Understanding the implications of this massive debt is crucial for individuals, as it may result in potential tax hikes, reduced disposable income, and challenges in saving and investing.
The gold standard did not collapse. Governments abolished it in order to pave the way for inflation.
9 Quotes from Ludwig von Mises
1. Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard.
Source: Omnipotent Government
2. The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.
Source: Economic Policy
3. The gold standard alone makes the determination of money’s purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups. The gold standard alone is what the nineteenth-century freedom-loving leaders (who championed representative government, civil liberties, and prosperity for all) called “sound money.”
Source: Planning for Freedom
4. Men have chosen the precious metals gold and silver for the money service on account of their mineralogical, physical, and chemical features. The use of money in a market economy is a praxeologically necessary fact. That gold — and not something else — is used as money is merely a historical fact and as such cannot be conceived by catallactics.
Source: Human Action
5. All those intent upon sabotaging the evolution toward welfare, peace, freedom, and democracy loathed the gold standard, and not only on account of its economic significance. In their eyes the gold standard was the labarum, the symbol, of all those doctrines and policies they wanted to destroy.
Source: Human Action
6. The return to gold does not depend on the fulfillment of some material condition. It is an ideological problem. It presupposes only one thing: the abandonment of the illusion that increasing the quantity of money creates prosperity.
Source: Economic Freedom and Interventionism
7. The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion — policemen, customs guards, penal courts, prisons, in some countries even executioners — had to be put into action in order to destroy the gold standard. Solemn pledges were broken, retroactive laws were promulgated, provisions of constitutions and bills of rights were openly defied. And hosts of servile writers praised what the governments had done and hailed the dawn of the fiat-money millennium.
Source: The Theory of Money and Credit
8. The classical or orthodox gold standard alone is a truly effective check on the power of the government to inflate the currency. Without such a check all other constitutional safeguards can be rendered vain.
Source: The Theory of Money and Credit
9. The gold standard was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic. In the eyes of the free traders its main eminence was precisely the fact that it was an international standard as required by international trade and the transactions of the international money and capital market. It was the medium of exchange by means of which Western industrialism and Western capital had borne Western civilization into the remotest parts of the earth’s surface, everywhere destroying the fetters of age-old prejudices and superstitions, sowing the seeds of new life and new well-being, freeing minds and souls, and creating riches unheard of before. It accompanied the triumphal unprecedented progress of Western liberalism ready to unite all nations into a community of free nations peacefully cooperating with one another.
Source: Human Action
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Our Government Trapped And Tricked Us with the Inflation Tax, But There is a Way Out Right?
Steps
1. Convert your Federal Reserve Notes (printed money not backed by anything) to Silver and Gold. So you are not buying Silver; you're simply trading paper for real money!
2. Start with Silver understanding the following:
3 Gold could hit $3,000 this year.
4. Gold to Silver Ratio will hit 60 within a year (most likely). There are reputable precious metals analysts suggesting the Gold to Silver Ratio to go as low as 15 which would place silver at $200 per ounce
5. This places our Silver target at $50 within a year.
6. Today's price of Silver is about $29.57 per oz.
7. The percentage increase from 29.57 to 50 is approximately 69.07%.
President Trump told us in his Inauguration speech...gave power back to you, the people! That was our sign to fight!!! Whether through pen and paper, voice, etc., we need to keep fighting with TRUTH!!! WILL PREVAIL!!!!
The correct number may be $1,000,000 per household, given $100T total debt (not only $35T federal debt). Which is still unsustainable.