Heading into campaign season, “fake news” has become a term candidates are more frequently utilizing to refer to reports whose veracity they wish to call into question. However, though the term is relatively new, the game is the same it ever was. Examples of what I’m talking about are limitless, but for the purpose of this article, let’s just focus on what should be the centerpiece of every candidate’s attention and platform in 2020 – the national debt! And I’m not talking about the $21 trillion currently being assigned. I’m talking about the country’s REAL national debt, which includes “unfunded liabilities” like Medicare, Medicaid, Social Security, food stamps, unemployment, and more. These programs were created and implemented by the government, generation after generation, with no substantive plan to protect or pay for them. Instead, it’s been treated like a slush fund, to be dipped into whenever needed, with no thought or plan for refunding. The true debt amounts to $210 trillion. That’s $700,000 of debt, per citizen.
The Congressional Budget Office reports that, “the national debt remains on an unsustainable path.” The Office of the Director of National Intelligence recently reported that, “This situation (national debt) is unsustainable and represents a dire threat to our economic and national security.” And Forbes Magazine recently reported that, “This unsustainable path we’re on (national debt) will reach its day of reckoning.” Meanwhile, the current Administration is increasing the national debt at a rate and to levels never before seen, while Democrats are dangling free education as a carrot to once again entice beleaguered voters. Productivity is the fuel of a healthy nation not debt and the sooner we take steps to encourage growth and productivity, the sooner we face real facts, the sooner we can begin to turn things around. As long as the debt is allowed to continue growing, we get closer to a point of no return!
Our Founding Fathers created an economic system that enabled citizens to pursue life, liberty and happiness and they regularly warned about relying on debt rather than productivity as economic fuel. Thomas Jefferson said, “We must not let our rulers load us with perpetual debt.” Benjamin Franklin said, “When you run in debt; you give to another power over your liberty.” And James Madison said, “I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other. So, in spite of sufficient warnings, our government has constantly and consciously chosen to ignore the warnings of our Founding Fathers and pursue a course of government financing with no more concern than just another debt ceiling increase vote.
With a stock market being kept afloat by foreign investment and corporate buybacks, Treasury Bond yields inverting regularly, and the Fed running dangerously low on interest rate adjustment options, gold and other precious metals could be taking the initial steps of a strong run up, while the dollar, stock market, and housing market prepare for what could be a cataclysmic dive. Many analysts are suggesting that this amalgamation of economic horror could present itself before the end of next year, so it may be a great time to create a war chest of physical precious metals and get prepared for what could be a very ugly chapter of American economic history. Call the experts at American Bullion, at (800) 653-GOLD (4653) while precious metal prices are still well below previous highs.