CNN is reporting that Barack Obama had the following to say about the financial mess that the U.S. government is in this week: "At the current course and speed, a trillion-dollar deficit will be here before we even start the next budget."
CNN also reported that Obama also admitted this: "And potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point."
Wow - what a mess.
As if the national debt of the U.S. wasn't bad enough.
Just look at the chart below. It shows the growth of the national debt from 1940 to the present.
It is not a pretty picture, is it?
And the sad truth is that it isn't even up to date. The national debt of the U.S. is now over TEN trillion dollars, and Barack Obama is admitting that it will go up at least a trillion more dollars each and every year for the foreseeable future.
Are we all starting to get the hint yet?
The party is almost over.
The total collapse of our financial system has begun.
The reality is that the reserves of our local banks are gone. The financial institutions around the United States have borrowed an insane amount of money from the Federal Reserve just to stay afloat.
The financial system of America has not experienced a financial crisis of this magnitude since at least the Great Depression.
The biggest debt bubble in the history of the world is starting to burst.
For decades Americans have lived like kings and queens.....enjoying the biggest party the world has ever known.....but financed with ever increasing amounts of debt.
Now it looks like the party is almost over.
Once upon a time, the United States was the biggest creditor in the history of the world. But those days are long gone. Now America is the biggest debtor nation to ever exist on the earth.
The United States was the richest nation in the world, but that was never enough. Americans always had to have a bigger car, a bigger house and an endless supply of imported "stuff". So the U.S. government piled up debt, U.S. companies gorged on debt, and Americans made using credit cards into a national pastime.
Spending our own money wasn't even enough. We spent the money of our children, and of our grandchildren, and of their children, and now the national debt is more than 10 TRILLION dollars.....an amount that Americans will never be able to repay. And if you include the future liabilities that our government has committed us to such as future Social Security and Medicare payments, then the total is over 59 TRILLION dollars.
Now that many of our jobs have gone overseas, retail stores and major corporations are going out of business, and people are losing their homes, do we find that Americans are learning their lesson?
Instead they are squeezing everything that they can out of their plastic. Total credit card debt in America is now over 790 billion dollars, and it is increasing at a rate which is four times faster than earlier this decade.
Instead of showing restraint, Americans have jammed the accelerator to the floor.
And did you know that Americans actually have a NEGATIVE savings rate?
Do you know when the last time that happened was?
The Great Depression.
Prices are increasing dramatically while wages are not. Jobs are being outsourced and factories are being closed. America's largest banks and financial institutions are teetering on the brink of failure. Homes are being foreclosed at record rates. Personal bankruptcies recently hit an all-time high.
So what is the answer that the politicians give us?
Wasting even more money and getting the U.S. into even more debt.
The truth is that we are all reaping what we have sowed.
The Scriptures talk about those who would hoard wealth in the last days. Instead of feeding the poor and taking care of those who couldn't take care of themselves, we spent our money on mini-mansions, luxury SUVs and as much entertainment as we could possibly pack into our lives. Now we will pay the price just as the Scriptures say:
Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence. You have fattened yourselves in the day of slaughter.