Chicago Tribune: It was another crazy news week, so it’s understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — President Donald Trump‘s first full year in charge of the budget.
That’s almost double what the government borrowed in fiscal year 2017.
Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It’s the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.
Treasury mainly attributed the increase to the “fiscal outlook.” more …
Opinion: “For the Lord your God will bless you just as He promised you; you shall lend to many nations, but you shall not borrow; you shall reign over many nations, but they shall not reign over you.” Deut. 15:6
Just for context: 1 trillion in hundred dollar bills double stacked:
The US national debt is 20 times that.
The whole world is so buried in debt that the US by comparison to the GDP of China, Japan, Germany, France and Greece has relatively low debt.
Despite the Democrat mantra that the Trump corporate tax cut is a tax cut for the rich, the reduction in tax for corporations from 35% (highest in the world) to 20% will likely delay any serious repercussions from overspending for a while, as full employment with higher wages will give a boost to the economy.
Corporations do not pay taxes; they just raise prices to consumers, making a stealth form of taxation.
But Donald Trump is a real estate developer on a very large scale, a world where leverage and debt are a way of life. Who could forget Trump’s famous line that if debt gets out of control we could simply renegotiate it:
“I would borrow, knowing that if the economy crashed you could renegotiate it.”
That remark is unprecedented since the United States is the borrower of choice because of the ‘full faith and credit’ of its government. If that faith disappears so does the US ability to borrow at historically low interest rates.
It that happens, interest rates would skyrocket and wham-o, the US dollar would collapse.
We recently published an article from the Christian Post that a rise in Evangelical Christians could mean that as much as 1/3 of the US could be taken the rapture, a number some of you said was too high.
Let’s just hope it’s possible because the rapture is coming (1 Thess. 1:14-16) and so is the big collapse (Rev. 6:5-6).