The National Debt now accounts for seven percent of all global money

As it has for almost three decades now, the United States national debt continues rising to heights we have never seen. As of the writing of this article, the debt currently sits at $35.26 trillion, accounting for about $104,000 per US citizen. Meanwhile, the US Federal Tax Revenue sits at $5 trillion, or around $14,929 per citizen. Any person with a shred of business knowledge can tell you that is, softly put, not a sustainable model.

Now, that does not account for all the money in the world. According to the United Bank Switzerland, there is about $450 trillion combined spread across the globe. But that means our outrageous national debt accounts for seven percent of all money. That is still staggering on its own.

Economist Hank Lewis says things have gotten out of control, especially looking back the last thirty years.

"If you compare where we are now to 1990, the debt is ten times as much," he says. "Even if you factor in inflation and everything else, it should still only be around $12 trillion."

Lewis adds that things really spiraled out when September 11th happened, and the War on Terror began. For context, in the year 2000, the national debt was around $5.6 trillion, with a Debt-to-GDP ratio of 55 percent. By 2005, it was at $7.9 trillion and a 61 percent ratio. Five years later, debt was at $13 trillion and a 90 percent ratio.

Now in 2024, we are at $35 trillion with a Debt-to-GDP ratio of 122 percent. It continues rising as well, as the Biden Administration bleeds the country dry by sending billions more to Ukraine, and spending billions on Green Energy projects, and other things that do not help us whatsoever.

Our state of welfare too does not help, especially as salary remains stagnant, and inflation continues to soar.

"A lot of people are having to take advantage of Obamacare type markets, which are partly subsidized by the government...you also have more people taking advantage of Medicare, Medicaid, and unemployment benefits in recent years," he says.

Other countries have dealt with massive debt before, one of the most infamous being Greece back in 2008 and 2009. They faced a Debt-to-GDP ratio of 115 percent, which is notably lower than where the United States is right now. They managed to dig themselves out of the crisis by cutting massive spending, and it still took them about nine years to escape the hole. That is also notably a much smaller economy than the United States.

To fix the problem here will not only take years, but it will mean slashing entitlements, raising the retirement age, and pinning the full brunt of it on John Q. Taxpayer, and not the rich elite ones either.

"The people who can afford to find ways to work around the cuts will not be the ones who help pay this down...it will fall on the back of the blue collar and middle-class people," he says.

The saddest part is that our kids, and even grandkids, will be stuck on the hook for this, because this problem is not going away any time soon. The dam has been broken, and there is no solution to plugging it, unless we get medieval.