Loading ...FORTUNE MAGAZINE – America will be left with ‘severe, irreversible scars’ if national debt goes unchecked. Now, a blockbuster report warns the bill is higher than believed, hitting $141T by 2054
National debt is fast becoming the thorn in the side of the American economy that nobody wants to extract—and it will continue to cause damage, sending the U.S. into financial crisis and 10 years of stagnation. That is increasingly the opinion of a growing number of experts who are sounding the alarm over the pace at which the U.S. government is gathering debt. More important, they fear this debt will mean the country will not be able to afford necessary borrowing in the future, in addition to the funds needed to service existing debt.
Among the ranks of those in the concerned camp are Fed Chairman Jerome Powell, JPMorgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan, BlackRock CEO Larry Fink, and Wharton vice dean Joao Gomes.
The report goes on to add that the likelihood of a financial crisis is increasing as a result of growing debt, something which would cause interest rates to spike and, if paired with higher inflation, “could erode confidence in the U.S. dollar as the dominant international reserve currency.”
Sadly, we are already beyond the point of no return. Just as in the modern movie “Titanic” when water spilled over the 5th water tight compartment wall, the ship was doomed no mater what was done. America is just like this. We are too far in debt – it will never be paid off. As the interest on the debt takes more away from the payments to reduce it, it will go parabolic and we will default. It’s already a given, it’s just a question of how long it will take. Sorry – don’t mean to be a downer, just reporting the facts as they are.