Snyder: Fear Of COVID-19 Has Absolutely Destroyed America’s Future

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Authored by Michael Snyder via The End of The American Dream blog,

Very few people are talking about it, and even fewer are bothering to object, but by borrowing and spending so much money our politicians are essentially feeding America’s financial future into a wood chipper. 

It took from the founding of our country all the way to 1981 before the U.S. national debt reached one trillion dollars.  Incredibly, we just added more than a trillion dollars to our national debt in less than a month.  On April 5th, we were 23.9 trillion dollars in debt, and by May 4th we were 25 trillion dollars in debt.  Fear of the coronavirus has caused nearly all of our politicians to suddenly become socialists, and we are being told that trillions more in spending may be coming.  This is complete and utter lunacy, and we are leaving future generations of Americans with a mountain of debt that would absolutely crush them. 

But of course our society may not even last too much longer at the rate we are going.  For years I have been loudly warning that our absurd national debt is an existential threat to America’s future, but at this point both major political parties have completely abandoned any sense of fiscal responsibility.  Now our national debt is rapidly speeding toward the 26 trillion dollar mark, and the House of Representatives just passed a bill that would borrow and spend an additional 3 trillion dollars that we do not currently have…

Last week, House Democrats unveiled their latest pandemic-relief package. The bill combines aid for families, a bailout for struggling cities and states, and additional funds for testing, tracing, and hospitals. The price tag is about $3 trillion—and it comes just weeks after the president signed an economic-relief package worth about $2 trillion.

Since we are destroying the nation anyway, why don’t we make the grand total a nice round 10 trillion dollars like the progressives at the Atlantic are suggesting?

After all, we added close to 10 trillion dollars to the national debt during the Obama years and hardly anyone seemed to mind.

Of course Trump is trying to outdo Obama.  We have already added more than 5 trillion dollars to the national debt while he has been in office, and it looks like more “coronavirus relief bills” could be on the way.

Yes, borrowing and spending money that we do not have gives us an economic boost in the present.

But it is also money that we are stealing from future generations, and we are systematically destroying the bright future that they were supposed to have.

Since Barack Obama’s first day in the White House, we have been stealing an average of more than 100 million dollars from our children and our grandchildren every single hour of every single day.

And under Trump, that pace has actually increased.

I know that figure is difficult to believe, but run the numbers yourself and you will see that I am correct.

What we are doing to future generations is beyond criminal, and it should make every American deeply angry.

But instead, many Americans are convinced that we aren’t spending enough.

In fact, Mark Cuban believes that the government should be issuing $1,000 checks to each household every two weeks

The federal government has already sent a one-time check of up to $1,200 to millions of American families, but according to Mark Cuban, the stimulus is not enough to offset the economic pain of the coronavirus pandemic.

The billionaire entrepreneur proposed the government issue $1,000 checks to every American household every two weeks for the next two months, with the caveat that the money must be spent within 10 days of receipt or it expires. It would cost about $500 billion, Cuban estimated.

Everybody knows that you should never go full Weimar Republic, but since we are essentially doing that already, why not make it $10,000 for every household every two weeks?

After all, $1,000 doesn’t go as far as it once did.  These days, you can blow $1,000 in a single trip to the grocery store.

Of course I am being facetious.  We are literally watching our leaders destroy everything that all previous generations of Americans fought so hard to build, and it is absolutely infuriating.

At this point even the ultra-liberal Washington Post is admitting that “the national debt is out of control”, but of course the Post also keeps on promoting ultra-liberal spending policies.

We are like a morbidly obese guy that can’t even fit in his own bathtub anymore because he is so addicted to food.  Our addiction is debt, and no matter how loud the warnings get we are just going to keep going back for more.

Ultimately, the only way that the U.S. is going to be able to service this exploding debt is to wildly devalue the currency.  This is the road that the Weimar Republic, Venezuela and so many others have gone down, and it always ends in utter disaster.

Only this time the biggest economy on the entire planet is doing it, and the currency that we are devaluing is the reserve currency of the world.

Sadly, there is no turning back now.  Both political parties are completely committed to this course, and the mainstream media is fully behind them.  In fact, CNN insists that “now is not the time to cut back on the borrowing”.

So when will be the time to cut back on borrowing?

If we need to add trillions to the national debt to deal with a relatively minor crisis like this coronavirus pandemic, what in the world are we going to do when really bad stuff starts happening?

Last November, I was absolutely horrified when our national debt hit the 23 trillion dollar mark.  But by the time this November rolls around, we might be at the 27 or 28 trillion dollar mark.

Unfortunately, we throw the word “trillion” around so much these days that most Americans don’t even realize how much money a trillion dollars actually is.

If you would have been spending a million dollars every single day since Jesus was born, you still would not have spent a trillion dollars by now.

We are talking about an amount of money that is absolutely unimaginable, and we just added that much money to the national debt in less than a month.

Thanks to our free spending politicians and everyone that is supporting them, there is now no future for this country.

We are literally committing national suicide in front of the whole world, but we are so utterly consumed by our addiction that we don’t even realize that we should be deeply ashamed of ourselves. Source ZeroHedge

StevieRay Hansen
Editor, Bankster Crime

MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…

The risk of loss in trading futures and options on futures can be substantial. The author does not guarantee the accuracy of the above information, although it is believed that the sources are reliable and the information accurate. The author assumes no liability or responsibility for direct or indirect, special, consequential or incidental damages or for any other damages relating or arising out of any action taken as a result of any information or advice contained in this commentary. The author disclaims any express or implied liability or responsibility for any action taken, which is solely at the liability and responsibility of the user.

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