US Government funding ran out September 30, 2021. The U.S. government owes nearly $29 trillion. U.S. state and local governments owe another $3.5 trillion. Americans today already owe a total $32.5T for public infrastructure. And, since Congress could pass a new $3.5 trillion bill on September 27th, it’s widely reported the government will default unless it borrows more money, wiping out up to $15 trillion in wealth and costing millions of jobs!
Media frenzied, 325 million Americans, discounting federal workers, will lose jobs and their stuff will be worth less unless their government borrows money. And also according to U.S. Treasury Secretary Janet Yellen, if the government doesn’t borrow money that taxes we pay to go shopping cover then we’ll lose wealth and jobs!
What news won’t publish about raising the debt ceiling is, as the amount of U.S. dollars increases, how politicians are deciding which Americans will get less.
Every economist knows loans increase the money supply. Economists also know “price” is a relative value. If everyone has more money then what’s more money going to afford? The truth is that this year’s debt ceiling campaign Congress votes on will afford many Americans LESS if the government’s $3.5 trillion infrastructure bill ever passes.
According to news, Democrats are pushing to raise the debt ceiling before the government “runs out of money” and U.S. Republicans firmly won’t support this legislation.
Loans increase money supplies when bonds become saleable assets (T-bonds). A loan creates a bond; as the number of bonds increase these new assets act to inflate the value of an economy. If everyone has more money, nobody is better off. Thus, raising the U.S. debt ceiling means many Americans must get less than their per capita share of economic growth, pegged at $15 trillion by research reports, for it to work at all.
It’s America’s unemployed- people who have no income like me- who will probably get less than their share of any economic growth that results from new legislation allowing the U.S. government to borrow more money.
Yet it’s U.S. Democrats who are also pro- unemployment and public welfare (entitlements).
The fact Democrats are the elected officials voting for this bill embodies America’s perilous fraud. Today, Americans owe $32.5 trillion in local, state, and federal public debt. Americans also have credit card debt, auto lease, student loan, and mortgage payments to make.