US Debt Clock.org Ultimate Guide | US National Debt – PT. 1

Video Transcript

we all have a friend who loves to say the debt doesn’t matter who cares but you and I both know the truth that the debt does matter very much and the next time someone says that you can show them this so right next to that very small 35 trillion in counting US national debt you’ll see debt per Citizen and debt per taxpayer so when we look at the US national debt it’s split up amongst each individual citizen now that debt per citizen this is the number that the news uses when we talk about the individual share of national debt which is sitting at just over $100,000 but the truth is is that not every citizen pays taxes whether they’re unemployed or retired or underage whatever it might be so then we have to shift our Focus to the debt per taxpayer which is sitting closer to $270,000 that is your personal share of the United States debt you didn’t ask for it you didn’t want it but surprise you got it so let’s connect the dots about how this actually impacts your wallet because no one from the government is going to be knocking on your door asking you for $270,000 but the US government does manage its debt through borrowing and taxes so while it falls on the government to service their debt it falls on the taxpayer to fund this debt look right here we have US federal spending and US Federal deficit now spending is is going to include all government expenditures Healthcare defense and so on you name it and the deficit is going to be the difference between the amount that was spent and the amount that was earned from the IRS from taxpayer revenue and before I go on all of the numbers on this website are sourced if you hover or tap on each section here for federal tax revenue it tells you exactly where it’s coming from if we look at the federal spending it tells us exactly where it’s coming from sometimes questions pop up like we have spending official and spending actual the actual is going to be all spending that went even over budget so I appreciate that US debt Clock actually calls out what we’re being told and what’s actually being spent now in the earnings area here you can see the US gross domestic product the GDP which is the value of all goods and services produced within a year and on its own that number might look strong but when you compare it with our US national debt we’re going to see this US federal debt to GDP ratio and here we have a couple snapshots in time 1960 1980 2000 and present day which you can see is extraordinarily high at 123.456 per. and while a country like the United States might be able to handle a higher de to GDP ratio because of the demand for dollars when we’re seeing 123% this is alarm Bell territory because anytime you have a debt to GDP ratio that’s over 100% it means that your debt is now greater than the total sum of all goods and services produced within a year and it’s simple math once you’ve entered that territory everything becomes harder with so much debt comes higher borrowing costs less flexibility I mean think about it if a new crisis popped up tomorrow how are you going to be equipped to handle it if you can’t even handle what’s going on today you can expect to see a Slowdown and economic growth because again how are you actually creating productive growth if your revenue is all going to interest and of course it raises a heightened risk of default and no I’m not suggesting that the United States is going to default on their debt tomorrow but what I am saying is this raises serious concerns for anyone who has dollar or dollar denominated assets because the pressure to continue to spend to continue to inflate to continue to grow that debt burden only gets higher especially once you start to tip over into that point of no return when you have an economy that needs to be continually growing but you can’t support productive growth because so much of your funds are going towards servicing the debt that’s when we have a crisis emminent I mean tell me what you think how bad do you think it’s going to get if you’re not already make sure that you’re subscribed because next week in part two of this series we’re going to look at the time machine which will tell us exactly what we can expect in the future should this trajectory continue as you can imagine it’s not pretty and you are not going to want to miss it thank you so much for being here I’m Taylor Kenny with itm trading your trusted source for all things Gold Silver and like long wealth protection until next time

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