|President Obama is set to leave a massive near $20 trillion debt crisis for his successor – be that Hillary Clinton or Donald Trump.
The U.S. national debt reached $19.5 trillion last week and has been increasing by roughly $1 trillion a year during his Presidency and during the so called “recovery” as the U.S. government continues to spend money like a drunken sailor.
President Obama gestures while speaking at Concord Community High School in Elkhart, Ind., on June 1, 2016. (Associated Press)
During Obama’s presidency, the total national debt has risen from $10.6 trillion to nearly $20 trillion – see Debt Clock here. There is also the not insignificant matter of the between $100 trillion and $150 trillion in unfunded liabilities – for medicare, medicaid and social security.
The U.S., like the EU and most western nations, is “kicking the can down the road.” Consequently, a U.S. and global debt crisis looks likely during the term of the next President if not sooner. The Washington Times reported last week:
This and the fact that neither Presidential candidate has articulated concerns about the once again ballooning national debt and is it is not an issue in the campaign is leading to well founded concerns that a new debt crisis is looming right around the corner. From the Buffalo News:
This continuing surge in the U.S. national debt to the $20 trillion level means that the U.S. is now the largest debtor nation in the world – by a significant margin. Its total debt of over $120 trillion means it is the largest debtor nation the world has ever seen.
This profligacy will be paid back by the people of the U.S., and most likely by people in all indebted western nations, in the form of higher taxes, higher interest rates, inflation, currency wars involving devaluations and almost certainly a currency crisis involving the dollar and other leading fiat currencies.