US Treasury: Official debt $31,149,119,741,274.67; MS: I don’t think that the current system will survive until 2032
Official USA debt continues to rise.
The latest published figure from the US Treasury, which was as of yesterday) is $31,149,119,741,274.67 (accessed 10/07/22)
ZeroHedge reported
For the old timers in here, it seems like just yesterday that the US national debt was “only” pushing $6 trillion. Then, between the ‘war on terror’ and QE which made a mockery of moral hazard, America has now reached a grim financial milestone – as the national debt tops $31 trillion for the first time, … The record-high debt comes as historically low interest rates have turned into higher borrowing costs, as the Fed attempts to tame the inflation they, the banks, and the ‘blank check’ dinosaurs leading the country – have caused. …
“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, in a statement to the NY Times. “Too many people were complacent about our debt path in part because rates were so low.”
Higher rates could add an additional $1 trillion to what the federal government spends on interest payments this decade, according to Peterson Foundation estimates. That is on top of the record $8.1 trillion in debt costs that the Congressional Budget Office projected in May. Expenditures on interest could exceed what the United States spends on national defense by 2029, if interest rates on public debt rise to be just one percentage point higher than what the C.B.O. estimated over the next few years.
The Fed, which slashed rates to near zero during the pandemic, has since begun raising them to try to tame the most rapid inflation in 40 years. Rates are now set in a range between 3 and 3.25 percent, and the central bank’s most recent projections saw them climbing to 4.6 percent by the end of next year — up from 3.8 percent in an earlier forecast. -NYT
As Michael Maharrey of SchiffGold notes; So What?
[T]here is no end to the borrowing and spending in sight. In August alone, the US government ran a massive $219.6 billion budget deficit. …
Every increase in interest rate raises the federal government’s interest expense. So far in fiscal 2022, the US Treasury has forked out $471 billion just to fund the government’s interest payments.
To put that number into context, at this point in fiscal 2021 the Treasury’s interest expense stood at $356 billion. That represents a 30% year-on-year increase. Interest expense ranks as the sixth largest budget expense category, about $250 billion below Medicare. …
In the long run, unbridled borrowing and spending will drive inflation to the point that people lose faith in the dollar. There is already talk of a “post-dollar” world.
The bottom line is debt isn’t without consequences. And the consequences will be severe when the chickens come home to roost. https://www.zerohedge.com/economics/us-national-debt-blows-past-31-trillion
The massive amount of USA debt is “a giant red flag for all of us about America’s future economic health.” Nations around the world see this and many have taken steps to prepare to topple the USA’s economic leadership of the world.
The rate of increase of the official federal debt has been staggering.
Consider the following:
On Jan. 20, 2009, when Obama was inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to data published by the U.S. Treasury. 10/07/16 http://www.cnsnews.com/news/article/terence-p-jeffrey/debt-under-obama-9000000000000
So, in less than 14 years after the Obama-Biden Administration first took office, official USA debt has almost tripled!
On January. 20, 2021, when Joe Biden was inaugurated, the total debt of the federal government was $$27,751,896,236,414.77, according to data published by the U.S. Treasury.
Debt has increased at a rate of about US$2 trillion per year under the Biden-Harris Administration–and yes, debt also increased a lot under the Trump-Pence Administration.
Increasing debt in the Biden-Harris Administration was discussed in my book Biden-Harris: Prophecies and Destruction as follows:
Debt is a prophesied problem (cf. Habakkuk 2:6-8). But many in the media as well as politically-inclined economists do not see it that way—but that is too short sighted (cf. Ecclesiastes 8:11).
The time will come when the U.S.A. government will no longer be able to borrow at low interest rates and/or it will create more money electronically and/or via the printing press to try to continue.
Make no mistake about it — massive inflation is coming.
The U.S.A. dollar will ultimately crash and be worthless. That “pride” of American power will be broken (cf. Leviticus 26:19).
A Biden-Harris Administration has asserted it will take debt raising steps. …
Let us also consider that there is a prophecy in Habakkuk, written about 2600 years ago, about debt which is preceded by the following:
2 Then the Lord answered me and said:
Write the vision And make it plain on tablets, That he may run who reads it. (Habakkuk 2:2)
The Bible says that the ‘debt prophecy’ to be revealed later in Habakkuk 2 is so significant that those who read it should run—essentially that they should take steps because the results will be horrific. Joe Biden and many other American politicians have not run away from increasing U.S.A. debt—that will be to the nation’s peril.
The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:
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 … 5 Indeed, because he transgresses by wine, He is a proud man … 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… (Habakkuk 2:2-3,6–8). …
Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A. …
European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency. …
The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Yet policies enacted under the Obama and Trump Administrations, following certain other administrations, have ignored these warnings.
No nation in the history of humankind has ever accumulated as much debt as the United States of America (because the U.K. may have close to the highest amount of per capita debt {Conway E. Britain showing signs of heading towards 1930s-style depression, says Bank. Telegraph, March 16, 2009 },its fate would be similar). Destruction is coming.
However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, these increases of debt are utterly dangerous.
When the time comes that the Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A. (Thiel B. Biden-Harris: Prophecies and Destruction. Nazarene Books, 2021)
We have already seen the Biden-Harris Administration increase official USA government debt. We have already seen the Fed begin to increase interest rates.
There are more proposals to further increase the debt as well–and the Fed also also signaled it is not done with raising interest rates.
Related to US debt, Cal Thomas brought out the following from founders of the USA:
— Thomas Jefferson said: “We must not let our rulers load us with perpetual debt.”
— Alexander Hamilton warned: “Nothing can more affect national prosperity than a constant and systematic attention to extinguish the present debt and to avoid as much as possibl(e) the incurring of any new debt.”
— George Washington said: “Avoid occasions of expense … and avoid likewise the accumulation of debt not only by shunning occasions of expense but by vigorous exertions to discharge the debts, not throwing upon posterity the burden which we ourselves ought to bear.”
– Then there’s James Madison: “I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other.”
Can anyone credibly challenge these warnings? If not, why aren’t we obeying them? 09/10/2020 https://www.foxbusiness.com/money/national-debt-dangers-founders
Well, many in the USA despise the word of God and trust in perversion (Isaiah 30:12), suppress the truth in unrighteousness (Romans 1:18), and are too selfish to care (2 Timothy 3:1-4)–so they go the wrong way.
Michael Snyder made some comments about the $31 trillion milestone:
Our politicians in Washington are literally destroying our future. But do you see anyone out in the streets protesting their calamitous policies? By now, you have probably heard that the U.S. national debt has hit 31 trillion dollars. …
In the old days, the Republicans would at least put on a show for us. They would huff and puff about the national debt but then give the Democrats virtually all of the spending that they wanted anyway. …
We are never going to pay back the 31.1 trillion dollars that we have borrowed.
Instead, we are just going to push the accelerator all the way to the floor until we finally go off a cliff. …
Sadly, I didn’t hear of anyone in Washington giving a major speech when that happened, because the national debt is not even considered to be an important national issue today.
But our entire standard of living depends on the value of the U.S. dollar. Having the default reserve currency of the world has been such a massive advantage for the United States, and now we are frittering it away.
The rest of the world can see what we are doing.
We are transforming our currency into toilet paper, and it is just a matter of time before it completely collapses. …
Unfortunately, I don’t think that the current system will survive until 2032. 10/06/22 http://theeconomiccollapseblog.com/hardly-anyone-in-washington-seems-to-care-about-the-future-at-this-point/
Of course, as longtime readers of this COGwriter Church of God News page are aware, I have been warning about this rise in debt for over a decade. That said, I agree with Michael Snyder that it does not seem that the current system will survive until 2032.
Now, consider that the USA is basically believed to be the richest nation of all time.
Yet, it is also the most indebted nation of all time.
The USA is addicted to debt.
Its lusts for debt brought the following scripture to mind:
15 The leech has two daughters —
Give and Give!There are three things that are never satisfied,
Four never say, “Enough!”: (Proverbs 30:15)
The USA has acted like an international leech.
Its leaders never have enough, so they continually take advantage of the USA dollar’s position as the world primary reserve currency and feel that they can get away with increasing debt without consequence.
That is wrong.
The USA also has no intention in ever properly paying its debts back.
That is wicked:
21 The wicked borrows and does not repay, But the righteous shows mercy and gives. (Psalms 37:21)
Shortly after becoming US President, Barack Obama said that the levels of deficit spending that the USA was engaging in was “unsustainable.” By definition, something that is unsustainable cannot continue indefinitely. The rise of USA debt is unsustainable, yet it is continuing at a pace which will be proven to be unsustainable in a relatively few years.
We have already seen inflation and signs of more inflation.
The biblical reality is that having so much debt will NOT end well for the USA (see also Who is the King of the West?).
Since the moral direction of the USA is going in the wrong direction, it is understandable that debt will increase. This is leading to a real disaster in the future. The USA also cannot expect to lead the world economically for that long if it is going to continue to increase its debt–that is not based on any conspiracy but economic fact as well as insight from biblical prophecy (cf. Habakkuk 2:6-8).
But no, the politicians of the USA have not listened to the Bible.
The USA still has a massive pride about its dollar. Yet, the Bible teaches:
18 Pride goes before destruction, And a haughty spirit before a fall. (Proverbs 16:18)
It is prideful arrogance that gets humans to think that they can essentially completely control the economy and just borrow and print up money. They cannot. Weather, political events, diseases, wars, morality, technology, international matters, and other factors play a role.
The Anglo-American world order will come to an end. Accumulation of debt will end up being a financial crisis beyond what most “experts” and politicians have imagined.
National repentance is needed, but is not expected. The USA and its Anglo-Saxon allies will not last to the end of this century (watch also Might the U.S.A. Be Gone by 2028?).
Some items of related interest may include:
Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Is a Great Reset Coming? Klaus Schwab of the World Economic Forum has proposed a societal change that has been basically endorsed by the Vatican and many world leaders. Does the Bible prophesy a major reset? Here is a link to a related video: Will there be a “Great Reset”?
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.
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