Total US debt soars to nearly $60 trillion

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June 18, 2014

"Total US debt at the end of the first quarter of 2014, on March 31 totaled almost $59.4 trillion - up nearly $500 billion from the end of the fourth quarter of 2013, according to the data. Total debt (the combination of government, business, mortgage, and consumer debt) was $2.2 trillion 40 years ago".

- Snyder noted that 56 percent of all Americans have a subprime credit rating
- two years out of college, half of all graduates are still relying on their parents or other family members
- consumer credit in the US rose by 22 percent over the last three years, reaching a record-high $3.18 trillion in April
- Credit card use (or revolving credit) rose by $8.8 billion, while non-revolving credit like auto loans and student loans made by the government surged up by $18 billion in April
- Most of the debt that young adults face is student loan debt, which totals more than $1.2 trillion, according to the Federal Reserve. Of that debt, approximately $124 billion is more than 90 days delinquent.

What we have done to our young people is shameful. We have encouraged them to sign up for a lifetime of debt slavery before they even understand what life is all about,? Snyder wrote.



source, http://rt.com/usa/166352-us-total-debt-sixty-trillion/

this can never be paid back

we've been sold into slavery while all the elites will assuredly be given golden parachutes, they're too big to fail of course.

This is a reality I wish every American would come to terms with.

Even if our economy exploded with growth, I don't think we could ever repay the debt now owed. We are off the cliff and in free-fall.

I think the whole reason there is so much effort to downplay the issue is because currencies are backed by nothing but FAITH. Faith that they are enough physical resources to redeem every "dollar" in circulation.

There isn't.

When that is realized, people will stop accepting the currency for goods and services, and that's when it really gets ugly.

This is a more accurate representation of the us debt.



Nothing new under the sun...

And how much of this has been funneled into the pockets and accounts of 1% elitists, politicians and unpatriotic corporations? We have a segment of society who are deliberately sabotaging our economy for political and financial gain and we are busy on the internet blaming each other and fighting for scraps,at the bidding of those who are doing the sabotage.

The GDP includes personal and government expenditures, thus, as personal and government debt goes up, then matter-of-factly does the GDP go up. They both measure the increase in debt. So it would appear to be improper to make a comparison of two of the same measurements, and use that comparison to argue 'nothing new'.

The charts below show how the personal and government debt are becoming a larger % of the GDP compared to the other components of the GDP ... this can be seen mathematically in the last chart .. you can see that the debt components are rising % wise compared to the investment and export components. This tells us that the country is become more debt-orientated, and less investment/export orientated. That fact is hidden in your graphs.







source,
http://websitebuilding.biz/business/eco ... n-trouble/
http://blog.moneymanagedproperly.com/?p=839
http://en.wikipedia.org/wiki/Gross_domestic_product

Russia Today

Glad to see The Putin Times is still hard at work.

EDIT: lol websitebuilding.biz. A blog that hasn't been updated for over a year, and that post is from 2009.

Don't worry. Banning federal funding of sex changes'll fix it.

The graphs I cited come from the Federal Reserve data. The graphs did not come from 'websitebuilding.biz'. See second chart on page ...

http://seekingalpha.com/article/317286- ... mic-growth




Well, nothing can fix it now. It is is impossible to pay all this debt. Americans would never vote for such austerity. Inflation/default are the only answers.

That graph is misleading.

The USA went off the gold standard and went 100% fiat currency between the first peak and the second peak. When we had more of our GDP percentage as debt (please note that the chart shows PERCENTAGE and not the total amount of debt), we had a much more solvent currency with a lot more national resources (and stronger economy) from which to repay.

Once the USA (and other nations) started going to fiat currencies, the debt problem began to explode because they could issue more currency than there were resources allocated to redeem the currency.

6, 60 or 600 trillion, I'm of the impression that the national debt and total debts of the US no longer matter at this point. America is still being allowed to do whatever it wants, and everyone at the top remains unaffected. The debts of the US are simply pushed through the media machine like they are in order to condition the nation that any sacrifices they have to make (but not government or lobbyists) is for the greater good.