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U.S. Debt Is Skyrocketing; The High Risk of Inflation

What you can do and how you should respond 
Colorado Springs, Colorado – $28 trillion dollars and rising fast. That’s what the national debt is today. The United States took in $3.42 trillion in revenue in 2020 but spent $6.55 trillion. What does this mean for the average American? The debt per person is now $86,045. But that’s not the whole picture. The cost of interest on the debt alone is $1 billon every day.
 
Two financial advisors, Joel Malick and Alex Lippert, say that unless political leaders take the debt seriously the U.S. will slide into even worse inflation, a rapid rise in the goods and services or disequilibrium. Why does this matter? They explain that the Bible is clear about the borrower being servant to the lender and at the rate the U.S. is presently going, many people will come up short with retirement savings. They are the authors of Afterwork: An honest discussion about the retirement lie and how to live a future worthy of dreams.
 
Most Americans live with a form of debt addiction, spend now, pay later. When government does this, people become addicted to the benefits which in turn means losing freedoms bit by bit. Malick and Lippert encourage us to delay immediate gratification, to focus on values other than just money, and to vote for candidates who understand the economic implications of indebtedness. They say, “Prepare yourself for hardship. Life won’t roll out the red carpet for you at every turn.” Yet, many Americans have grown dependent – on loan forgiveness, food, housing subsidies, childcare, and healthcare. The more we expect government to do for us, the more it begins to control our lives and future.
 
The debt was a problem even before COVID invaded our world. It has accelerated an already unsustainable fiscal trajectory, both because of its devastating effect on the economy and the necessary legislative response. Debt is future income brought forward and at some point this becomes a drag on the economy. Many experts believe we have reached the limit. A single crisis (terror attack for example) could easily wipe out gains and send the U.S. economy into a tailspin. Malick and Lippert say, “Don’t burn energy on things you can’t control.” Rather, focus on eliminating debt and investing your time in faith, service, and connecting with others.
 
SOURCES: www.pgpf.org/national-debt-clock
https://www.forbes.com/sites/johnmauldin/2020/10/01/5-consequences-of-us-debt-at-50-trillion


 

To schedule an interview contact Don Otis at 719.275.7775
 
 

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