COVID policies devastating economy as offficial USA debt now exceeds USA GDP

(Pixabay picture)

The damage that the USA federal, state, and local governments have caused the economy with COVID policies is greater than many realize. But here is a report related to some of what has happened this year:

It would be difficult to overstate the scale of the economic devastation that we are witnessing.

Do you remember Hurricane Katrina? It was the worst natural disaster in the history of Louisiana, but in 2020 the state has lost twice as many jobs as it did after Hurricane Katrina.

Just think about how crazy that is.

Overall, 57.3 million Americans have filed new claims for unemployment benefits over the past 22 weeks.

57 million.

We’ve never seen anything like this in our history. For a while, our unemployed workers were being kept afloat by a 600 dollar a week federal supplement, but now those extra benefits have expired…

Those recipients who are receiving unemployment on an ongoing basis are now getting far less aid because a $600-a-week federal benefit has expired, which means the unemployed must now get by solely on much smaller aid from their states.

The loss of the federal benefit has deepened the struggles for many, including a higher risk of eviction from their homes.

President Trump has signed an executive order that would provide payments of 300 dollars a week to unemployed workers, but many states have chosen not to participate in that program.

So we should expect the level of economic suffering in this country to go up even more. At this point, tens of millions of Americans are unable to pay their bills, and that number will almost certainly increase in the months ahead.

Meanwhile, we are seeing businesses fail at a rate that is absolutely unprecedented. …

Much worse is coming, and without a doubt the Fed will try to keep asset prices inflated, but in the end it will be a losing battle. 08/20/20 http://theeconomiccollapseblog.com/archives/2020-is-an-economic-nightmare-and-things-just-got-even-worse

The hope that many state and local governments seem to have is that the federal government will increase its debt and give them funds to pay off their debts and keep them going.

Because the amount of USA debt was already rising too much, and not because of COVID related spending, a bad new debt milestone was hit:

The US National Debt Has Exceeded The Total Value Of The GDP

The U.S. national debt now exceeds the size of America’s total gross domestic product and the milestone may have been met as early as June, according to a Friday New York Times report.America’s federal debt stands at around $26.6 trillion — an approximate $7 trillion increase since 2016, according to fiscal data from the Treasury Department. Total U.S. GDP was just over $19.4 trillion at the end of June, according to a July 30 release from the U.S. Bureau of Economic Analysis.

Financial pitfalls in the last few months can be blamed on the coronavirus pandemic, according to the Economic Policy Institute. …

The U.S. government under the direction of President Donald Trump spent roughly $2.4 trillion on the first stimulus package in April, … The Federal Reserve contributed another $4 trillion in efforts to combat the economic effects of the virus, the Washington Post reported. …

Some experts, despite the rising debt, insist the U.S. government has enough “room” for yet another stimulus package, according to the Times. https://dailycaller.com/2020/08/21/us-national-debt-exceeds-gdp/

Increasing debt and decreasing production is not good for the USA dollar. And one day it will crash, much more than almost any seem to believe. One day it will be worth only the scrap and souvenir value of the cotton-paper it is printed on.

While the USA has more time, and the world for a time will not do much more related to debt, people would do well to pay attention to biblical prophecy on debt.

Notice a prophecy God inspired the prophet Habakkuk to write:

2 Then the Lord answered me and said:

“Write the vision
And make it plain on tablets,
That he may run who reads it.
3 For the vision is yet for an appointed time;
But at the end it will speak, and it will not lie.
Though it tarries, wait for it;
Because it will surely come,
It will not tarry. (Habakkuk 2:2-3)

6 “Will not all these take up a proverb against him,
And a taunting riddle against him, and say,
‘Woe to him who increases
What is not his — how long?
And to him who loads himself with many pledges’?
7 Will not your creditors rise up suddenly?
Will they not awaken who oppress you?
And you will become their booty.
8 Because you have plundered many nations,
All the remnant of the people shall plunder you,
Because of men’s blood
And the violence of the land and the city,
And of all who dwell in it. (Habakkuk 2:6-8).

The above is a prophecy for the appointed time of the end–essentially the time of the Great Tribulation (Matthew 24:21). The USA has been accumulating pledges in the form of US Treasury bonds and notes, and is the most indebted nation of all time. Notice that the prophecy says it is so bad, that people should run who read it. That is, they should seriously consider what this means and take the appropriate steps.

The Bible shows that foreign creditors will rise up.

Because US and British-descended leaders ignore, and even despise, instructions and warnings from the word of God, destruction will come to them. Notice something God inspired the prophet Isaiah to record:

12 Therefore thus says the Holy One of Israel:

“Because you despise this word,
And trust in oppression and perversity,
And rely on them,
13 Therefore this iniquity shall be to you
Like a breach ready to fall,
A bulge in a high wall,
Whose breaking comes suddenly, in an instant.
14 And He shall break it like the breaking of the potter’s vessel,
Which is broken in pieces;
He shall not spare.
So there shall not be found among its fragments
A shard to take fire from the hearth,
Or to take water from the cistern.” (Isaiah 30:12-14)

Most of the leaders in the USA, UK, Canada, Australia, and New Zealand despise the word of God, trust in perversion, and think nothing of oppressive debt levels.

Increasing debt for the USA was number 11 from my list of 20 items to prophetically watch in 2020:

11. Debt

The Bible teaches that the result of debt accumulation will be far worse than even many pessimists believe. …

(Habakkuk 2:2-8; English Standard Version)

The USA is the most indebted nation in the history of humanity and those in it should try to understand this prophecy.

God told Habakkuk that this should be a very serious matter.

US debt will increase in 2020.

Have you been paying attention to this?

This year it looks like the USA will increase the absolute dollar amount of its debt higher than any year since its founding!

Increasing debt will not end up well for the USA and its British-descended allies.

Some items of possibly related interest may include:

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