The government of the United States is drowning in debt and the waters keep rising.
As of the end of the government’s fiscal year — September 30, 2017 — the federal government owes $20.2 trillion to its major creditors. That’s an increase of $671.5 billion over last fiscal year’s total.
According to data published by the U.S. Department of the Treasury, the general government the U.S. government spent $665.7 billion more than it collected in taxes in Fiscal Year 2017.
Pause for minute and imagine handling your personal finances with the same degree of recklessness as that repeated annually by the federal government, elected officials charged with stewardship over the economic welfare of the country.
Not only has the federal government run us into the red, the deepest red, but they owe this money to a multitude of nations that would appear reasonably to have no natural sense of simpatico with the United States.
Just who are our creditors?
Almost one-third of the debt is owed to foreign concerns.
As reported by mygovcost.org:
China has resumed its position as the top foreign holder of U.S. government-issued debt, with directly accounting for 6.9% between institutions on the Chinese mainland and Hong Kong.
Beyond that, China likely has additional holdings that are currently being shown as being held in the international banking centers of Belgium and Ireland, which together account for 2.0% of the U.S. national debt, where China’s holdings are believed to represent a significant portion of the amounts currently being credited to both these nations.
In other words, China likely owns more of our IOUs than would appear on the face of the balance sheet owing to the communist regime’s clever concealment of how much of our debt it holds.
Believe or not, however, being beholden to Beijing is not the worst of our financial failures.
The mygovcost.org report reveals the identity of another major — and more sinister — creditor: the Federal Reserve. From the article:
The largest “private” institution that has loaned money to the U.S. government is the U.S. Federal Reserve, which accounts for nearly one out of every eight dollars borrowed by the U.S. government. It lent nearly all of that total since 2008, mainly through the various quantitative easing programs it operated from 2009 through 2015 in its attempt to stimulate the U.S. economy enough to keep it from falling back into recession.
How did we become such a substantial borrower of the Fed’s funds?
First, the unelected governors of the unconstitutional central bank have an absolute stranglehold and monopoly over the flow of our nation’s money and credit. Not once since its inception in 1913 has there ever been a thorough audit or an accounting to Congress about its activities.
During its century-long reign over the financial wellbeing of our country, the Federal Reserve has manipulated our currency until it is nearly worthless. Meanwhile, Congress turns a blind eye and a deaf ear to the crisis and the calls to control it.
The fact is that since that day in 1913, the dollar has lost over 95 percent of its purchasing power. Most, if not all, of this precipitous decline was caused by the monetary policy of the Federal Reserve.