Debt always makes things seem better in the short-term, and it is always destructive in the long-term.
And it is important to remember that not all additions to the national debt are included in the official budget deficit. One year ago, our national debt was sitting at 20.1 trillion dollars, and that means that we have added an astounding 1.3 trillion dollars to the debt over the past 12 months.
I always feel nervous signing a mortgage or a car loan.
The IMF is projecting that it will be more than a million percent.
The same principle is going to also apply on a global scale. The US government is now more than 20 trillion dollars in debt, and the entire globe is now more than 250 trillion dollars in debt, and a day of reckoning is coming. The following comes from David Stockman- And it's that $20 trillion, built up over the last two decades, that has basically distorted everything – falsified prices, repressed interest rates, caused an explosion of debt. Twenty years ago there was $40 trillion of debt in the world today there is $250 trillion worth of debt in the world. The leverage of the world has gone from 1.3 times which is stable-to 3.3 times, which basically means the world has created a huge temporary prosperity by burying itself in debt.