Monday 11 September 2017 the US Debt surpassed $20 Trillion for the first time in history
For the first few months of the Trump’s administration, the national debt saw a steady decline, dropping approximately $100 billion from the day Trump took office until last week. Then almost overnight the debt shot up more than $317 billion according to figures released by U.S. Treasury.
"The debt limits have to come down. The whole world of debt has to be changed as far as this country is concerned. We have to create jobs and we have to create them rapidly because if we don't things are just going to head in a direction that's going to be almost impossible to recover from." - Donald Trump
The jump in deficit came after President Trump signed into law on Friday a bill that temporarily suspended the $19.8 trillion debt ceiling so that federal aid could be provided for victims of recent hurricanes. The estimated damage of hurricane Harvey alone is already around $400 Billion, and Irma has just hit and Jose is expected in the next few days.
Only 1 in 6 of homes in Houston have flood insurance, suggesting 85% of those whose homes were rendered unliveable will need to borrow money to fund the repairs. Effectively most people would need a second mortgage on their homes. The question now is, how much money will homeowners be willing to borrow to keep the home? If history is a guide to go by, one third of homeowners affected by Hurricane Katrina abandoned their property via default. Now we need to add Florida to this equation as well as where ever Hurricane Jose makes landfall.
Have a look at the National debt clock here it's scary and also very hypnotic. This can't go on much longer, at some stage this unimaginable debt needs to be paid back, and if not, we can expect things will come tumbling down very hard and fast, I see this happening much sooner than later.
✯
The real storm is going to be the debt, prepare yourself accordingly
✯ ✯ ✯
Thanks for stopping by, I would love to know your thoughts
Come join me on http://steemspeak.com
✯ Follow me for more fun ✯
