As The Debt Bubble Grows: US Gross National Debt to Spike by 800 Billion Dollars in October
The comments above & below is an edited and abridged synopsis of an article by Mybudget360
The US is spending beyond its means; consumer debt is out of control and the government continues to spend money that it does not have. There could be a spike in gross national debt in October: It may jump by a whopping $800 billion. That debt needs to be serviced at some point.
Based on how the US has been spending in recent months, we can expect the debt to jump by $420 billion within a few days, followed by a sustainable increase to $800 billion over the next 30 days.
This will put total US debt above $20 trillion. Spending doesn’t seem to be an issue, even if there is no money on hand to conduct this level of money being blown through the system.
The spending just doesn’t stop. Another debt ceiling has been reached and the government needs to act, while most Americans are broke and living on borrowed funds.
The US is debasing its currency, and the dollar is not based on any precious medal. The Roman Empire was also spending beyond its means and decided to dilute its currency, which was backed by silver. Less of the money in circulation was backed by anything valuable until coins had little silver content. Inflation, higher taxes and a currency that had little value was a major hit to Rome and its trading power.
So we’re expecting to see an $800 billion jump in total US debt within a month or so. Does that sound like a good thing?