If we do not change course, our once great nation will be destroyed by a debt that has grown wildly out of control. We are facing an unprecedented debt crisis that literally threatens to bring our country to an end, and yet our politicians are almost entirely silent on this issue in 2018. In fact, Republicans and Democrats just worked together to pass another big, fat spending bill through Congress that is actually going to increase the pace at which we are going into debt. What the Republicrats are doing is not just wrong. To be honest, the truth is that they are committing crimes against humanity, and they are completely wiping out the very bright future that our children and our grandchildren were supposed to have. How in the world is America supposed to be “great again” when we are buried in so much debt that future generations can never have any possible hope of getting free from it?
If young adults are America’s future, then they better get their act together. Today, over 30 percent of 18 to 34-year-olds live with their parents or other family members. Meanwhile, marriage rates and fertility rates in the United States have both hit record lows in recent years. Instead of coddling these self-absorbed Millennial narcissists well into their adult years, we need to be kicking them out of the nest and encouraging them to learn to fend for themselves. In many instances, if they do not learn how to act like adults by the time they are 35, they never will. It is time for parents all over America to exercise some tough love, because we are facing a major national crisis.
What kind of number for GDP growth in the 2nd quarter will we get on Friday? The market consensus is somewhere around 4 percent, but there are many out there that are expecting a number above 5 percent. The last time we witnessed such a number was during the third quarter of 2014 when the U.S. economy grew by 5.2 percent. If Friday’s GDP figure is better than that, it will be the best report that we have had since 2003. But let’s keep things in perspective. In seven of the last 10 years, GDP growth was much lower than anticipated in the first quarter and much higher than anticipated in the second quarter. It looks like that pattern may play out again in 2018, and analysts are already warning us to expect a much lower number for the third quarter.
If the U.S. economy is in good shape, then why has economic growth been so anemic for more than a decade? It has been 12 long years since the economy grew by at least 3 percent, and for most of that time my website has been one of the leading voices chronicling America’s long-term economic problems. In 2017, U.S. GDP increased by just 2.3 percent, but at least that was better than the pathetic 1.5 percent figure that was posted for 2016. With Donald Trump in the White House, we have taken some steps in the right direction, but we must never forget that our long-term economic and financial problems continue to steadily get worse.
Once upon a time the United States had the largest and most vibrant middle class in the history of the world, but now the middle class is steadily being eroded. The middle class became a minority of the population for the first time ever in 2015, and just recently I wrote about a new survey that showed that 78 percent of all full-time workers in the United States live paycheck to paycheck at least part of the time. But most people still want to live the American Dream, and so they are going into tremendous amounts of debt in a desperate attempt to live that kind of a lifestyle.
The federal government is now 20.4 trillion dollars in debt, and most Americans don’t seem to care that the economic prosperity that we are enjoying today could be completely destroyed by our exploding national debt. Over the past decade, the national debt has been growing at a rate of more than 100 million dollars an hour, and this is a debt that all of us owe. When you break it down, each American citizen’s share of the debt is more than $60,000, and so if you have a family of five your share is more than $300,000. And when you throw in more than 6 trillion dollars of corporate debt and nearly 13 trillion dollars of consumer debt, it is not inaccurate to say that we are facing a crisis of unprecedented magnitude.