America's Debt at 55 Trillion and Counting

Steven LeBlanc

According to the St. Louis Fed, U.S. unfunded liabilities are at least $55 trillion.

Rick Rule, Chairman of Sprott USA investment firm puts it this way: “In the U.S., we have almost $17 trillion in on-balance sheet liabilities, and almost $70 trillion in off-balance sheet, unfunded liabilities, like social security and Medicare… “We’re running deficits of $1.5 trillion each year — we’re borrowing half of that and printing the other half. Combine that with off-balance sheet liabilities, which are growing at almost $4 trillion per year, just at the federal level, and you can see where the problems are coming from. Trillion is a big number.

Each American’s Share of Publicly Held Debt Is Skyrocketing
As Washington continues to spend dramatically more than it can afford, every American will be on the hook for increasing levels of debt. Without reining in spending, the amount of debt per citizen will skyrocket.

INFLATION-ADJUSTED DOLLARS (2012)  From T. Elliot GAiser

How we pay off this debt is yet to be seen.  Economists say either we allow “Deflationary” forces to solve the problem for us [meaning a depression].  Or we will be deceitful and inflate our way out of our debt obligations.  Deflation or Inflation will have consequences—all we know is great financial pain is ahead of us.  We will pay the “piper” one way- or the other, for our massive, relentless spending.

“Predicting” the short-term picture of what will happen in the world in terms of the economy is impossible.  But Bible prophecy tells us that in the final days before Christ returns we will see a European union of Church and State that will promise great prosperity to those who yield to its leadership.  Ezekiel 27 uses the figure of Tyre, the ancient city known for its worldwide trading prowess, as an example of the trading strength of this end-time European Beast power.  Tyre was part of a major commercial empire that included the whole Mediterranean world.

A prophecy in Ezekiel 27:17 is dual [an ancient theme that plays out again in the end times], revealing at the time of the end Judah and Israel [modern America & Britain] will for a short time trade with this European power—a type of modern Tyre.

Eventually, we are told in Ezekiel 26, that latter-day “Tyre” at the time of Christ’s second coming, this Babylonian-Tyrian [modern European] system will be devastated, stripped bare and destroyed forever—never to rise again.

Europe is economically sick, all of the major world economies are sick, but soon Europe will dominate the world economically—it may seem hard to believe now, but it will happen in the near future—you need to keep your eye on Europe.

 

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