America’s debt storm is brewing.
U.S Ends Fiscal 2016 with $1.4 trillion Debt Increase: Third Largest in History ZeroHedge Oct 2, 2016 – Excerpts:
Submitted by Simon Black of Sovereign Man
The United States government closed out the 2016 fiscal year that ended a few days ago on Friday September 30th with a debt level of $19,573,444,713,936.79. That’s an increase of $1,422,827,047,452.46 over last year’s fiscal year close….
In fact, the 2016 fiscal year had the THIRD largest increase in government debt in US history. The only two previous times in which the debt increased more than the 2016 fiscal year were during the financial crisis.
But there was no financial crisis in 2016. The government didn’t have to spend hundreds of billions of dollars to bail out the banks. All things considered, 2016 was a pretty normal fiscal year for the federal government. There were no major emergencies to drain taxpayer funds.
Yet they still managed to blow $1.4 trillion because this level of waste and spending is now baked into the system.
Even if they dramatically slashed spending and got rid of entire departments of the federal government, they would still be hemorrhaging cash at a rate far greater than the economy can now possibly grow.
Social Security and Medicare are now the largest parts of that financial sinkhole, and according to their own projections, their drain on the budget is growing each year. All other government spending COMBINED pales in comparison to Social Security and Medicare…
These programs consume the vast majority of US tax revenue, forcing the government to borrow mind-boggling amounts of money to fund its operations, even in good times. (Just imagine how much the debt will grow when times get tough again.)
What’s even more crazy is that Social Security and Medicare aren’t even properly funded. Both are rapidly running out of money. The programs’ annual trustee reports show that their primary trust funds will become completely depleted starting in the next few years. In fact one of Social Security’s major trust funds for Disability Insurance was actually fully depleted last year. So even though these programs are already draining taxpayer resources and forcing the government to take on more and more debt, they are in need of a HUGE bailout.
This leaves precisely ONE option: default… but on whom?
Actually, there is a SECOND option, one that has the raw power to generate massive new government tax revenues (federal, state, local) and slash expenses and… present us with a $1.02 trillion budget surplus for each of the next five year.
The Leviticus 25 Plan will eliminate massive amounts of debt at the family level, restore economic liberty, solve the entitlement crisis, and reignite America’s economic growth engine.
The Leviticus 25 Plan 2018 – $75,000 per U.S. citizen