Will Our INSANE National Debt Bottom Out Our Economy?

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Our national debt and rock bottom. Okay, watched a couple bits today on CNBC. A couple debates that they had on there. One very young lady from some very far left think tank basically with a smile on her face saying that we have nothing to worry about.

nothing to worry about when it comes to our national debt. And it’s more important that we continue to spend and spend and spend on all sorts of government programs, because we need to help people. And on the other side was this other young gentleman who, again, was kind of thrown off by just how ridiculous her statements were, but really couldn’t respond in any sort of coherent matter. I want to talk about

a couple pieces that I saw John Stossel off Reason. The national debt is so high that every American essentially owes $100 ,000 right now. Every American. I’m talking babies. You’re born today. Congratulations. You owe about $100 ,000. And you know what’s interesting about this is that

Neither of the leading candidates give a damn. None of them give a damn. OK, Biden was bad. I mean, you talk about bad here. Again, a trillion dollars. We’re increasing our national debt by a trillion dollars every 100 days. Donald Trump increased our debt by eight trillion dollars. And you can go and talk about all of our stupid endless wars and George W. Bush.

We can go on and on and on and on and on. But that’s the reality that nobody really wants to pay attention to. It was funny. They talked about the 2017 Trump tax cuts and how supposedly it blew this big hole in the federal budget. That’s what the left and Democrats telling voters. You actually take a look. The Congressional Budget Office put out a 10 year forecast.

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The problem, the problem is not the taxes, folks. It’s the spending. The CBO, CBO is saying that the budget deficit is going to be around $2 trillion. That’s $400 billion more than just they forecast this past February for crying out loud. $300 billion more than last year’s deficit. Now, again,

The journal points this out today and how unprecedented this is when the economy is growing and defense spending is nearly flat. The deficit this fiscal year will be 7 % of GDP, which is more than during some recessions. And the CBO saying it’s going to be high for a long time. The total over the next decade is now expected to be 21 .9%.

trillion dollars. It was 21, 19 .8 trillion this past February. But hey, who the hell cares? Trillion here, trillion there doesn’t even matter anymore. You’re talking about the debt, 122 .4 % of GDP in 2034 from 97 .3 % last year.

I can go further into all numbers and I’ve done it before here on the program. People can talk about, well, you know, we gotta have higher taxes, gotta higher taxes. Well, now this is saying, we need to cut spending. Yeah. Anyway, I don’t know what percentage of GDP you want taxation to be, but we’re not low by any stretch of the imagination, but close to 17%.

It’s suspending, folks, suspending. And it was interesting. They had a, what’s his name there? It was Altman, fund manager on CNBC today. And he used to work for Bill Clinton. And he basically threw his hands up in the air saying, nothing’s gonna be done. There’s no political motivation. That’s how pathetic this is, okay? There’s no political motivation for dealing with.

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the problem and he basically came out and said that until we hit a crisis, it’s not going to be dealt with. And at that point in time, it’s going to be both. It’s going to be tax increases and it’s going to be spending cuts. Again, I’ve seen this movie before. Most recently watched it takes place back in 2010 in Europe where they had their debt crisis and the type of cuts, austerity that needed to be put in place to deal with it.

and the type of pain that was felt by the people in many of these countries, in particular, some of the, was it Portugal, Ireland, Italy, Greece, Spain, and what they had to deal with and the changes that they had to endure. I’m telling you it’s common, okay? It’s not a matter of if, it’s a matter of when. The American public, you know, we’re weak.

continue to put our head in the sand when it comes to government spending, what’s taking place. We don’t pay any attention to it. Again, you got 35 % of the population who are one issue voters who are voting pro -abortion. You got to think about how sick that is in of itself. Their number one concern for this country was whether or not you could terminate pregnancies. 35%.

So I’m going to be real honest with everybody. Okay. We deserve everything that we’re going to get smacked upside the head with everything. We deserve it. Again, when we talks about democracy, protecting democracy. Well, guess what? We voted for this shit. We voted for, we’ve been continuing to vote for this crap.

One ridiculous election after another ridiculous election with one ridiculous candidate after another ridiculous candidate. The only way that this is going to fix itself is if we hit rock bottom and we get another massive crisis. Another example just popped into my head. You know who is moderating that debate today between the leftists and the guy on the right who really couldn’t articulate his position either?

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was Andrew Ross Sorkin. Okay, he’s a lefty on Squawk Box, but even he was like talking to the leftists, it’s like, are you believe in this modern monetary theory? I mean, are you saying that the debt doesn’t matter? I mean, he couldn’t believe it either. And he’s a left -wing guy, he’s for higher taxes, but at least he acknowledges that there is a problem. We don’t.

We don’t. So we’re going to deserve as a nation everything that we’re going to get smacked upside the head with. The difference is, is that I’m prepared. We’re preparing our clients. And no, no, we’re not buying bunkers and stocking up our safes at home with gold coins. OK, no. That’s not how this is going to go. I mean, you get a debt crisis here in the United States.

without a doubt, there’s going to be all sorts of tumult that we, of course, there’ll be market disconnects, but corporate America is what makes this country strong. Business is what makes this country strong, not government. It’s the people that are reliant on the government.

Those are the ones that are gonna get hit. I’ve been warning about cuts to Social Security and government services, because they’re coming.

They’re coming. And listen, I watched it firsthand. Happen. Happen, I gotta be honest. It happened to members of my wife’s family over in Greece. Again, all of a sudden, all of a sudden their government pensions were cut and cut big time. No money.

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No money, and that’s exactly what transpired and that’s what will transpire here. People say, well, we can, again, modern monetary theory, we can just print more money. Hmm, yeah. You know what that will do to the dollar? Know that that would do for inflation? People, again, I don’t wanna be the doom and gloom guy, but something wicked this way comes. This is completely unsustainable.

And either you can build your fortress, in essence, you want to call it that, by building up your wealth, owning high quality businesses, building up a portfolio and being able to withstand what is coming or not.

That’s up to you.

But what’s happening right now is unsustainable. And again, we don’t care. And I’m saying we, I’m saying the nation as a whole could give a damn. Could give a damn. Pretend it doesn’t exist. That doesn’t bode well. Watchdog on wallstreet .com.