RACING TO BE VENEZUELA...

40 Years ago, when debt was well under ONE trillion, many predicted, (including myself) that the U.S. would enter an death spiral if we did not stop borrowing/ printing money. We now pay $3 BILLION a DAY servicing our debt with current rates at 0% to 1/4%.

20 short years ago Venezuela was the wealthiest country in South America - before a massive expansion of 'human' infrastructure. Currently, with over 2,000% annual inflation, 96% of Venezuelans live below the poverty line and 70% live in 'extreme poverty' according to the UN in 2020.

The Federal Reserve is 'creating' about $3 Billion per MONTH and Congress can no longer inflate their way out of this problem. Even more amazing, Dems are inviting in and willing to pay for a flood of new refugees; 200,000 per month.

Remember this historical lesson as Dems in Congress call to add $3.5 trillion to our debt - an amount GREATER than the TOTAL budgets of over 95% of the world's other countries.

1 His figures are off by quite a bit. My source is the US Treasury reports.

Total public debt: $28,427 billion ($28.4 trillion)
Interest payments fiscal year 2021: $524 billion

That makes an avg interest rate of: 1.8%, not 0% to ¼%
And pymts of: $1.34 billion per day, not $3.5 billion.

Not a pretty picture, but far from the one he’s painting.

2 Thanks Bill. We too want accuracy. It's STILL a terrible picture, no doubt.