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American voters are concerned about the country’s national debt, which has ballooned over the past decade, with many expressing worries about the $1.7 trillion spending bill that President Joe Biden signed into law last month, according to a recent survey by Rasmussen Reports.
When asked how worried they were about the U.S. national debt, which currently stands at $31 trillion, 76 percent of respondents said they’re concerned about the situation, with 53 percent claiming to be “very concerned.” Only 21 percent weren’t concerned about the debt size.
Politically, 87 percent of Republicans, 73 percent of unaffiliated voters, and 67 percent of Democrats were somewhat concerned about the issue. A total of 69 percent of Republicans, 53 percent of unaffiliated voters, and 38 percent of Democrats admitted to being “very concerned” about the debt.
When asked about the $1.7 trillion omnibus spending bill, only 45 percent said they “somewhat approve” of the legislation. Among Democrats, 73 percent approve of the bill. However, almost 46 percent of Democrats also agreed that the bill is a “monstrosity” and “disaster for our country,” while only 32 percent “strongly” agreed with it.
Overall, 61 percent of total respondents either somewhat or strongly agreed with this stance. The survey was conducted among 1,000 likely U.S. voters between Jan. 2 and Jan. 4.
On Dec. 31, 2021, the federal debt was $29.62 trillion. It rose to $31.42 trillion by Dec. 30, 2022, which is an increase of $1.8 trillion in a year.
Ballooning Debt Level
The U.S. national debt crossed $30 trillion in January 2022 and $31 trillion in October 2022. A decade back, the national debt was only $16 trillion, roughly half of what it is today. And in 2000, the debt stood at $5.7 trillion.
At $31 trillion, the current national debt is 121 percent of the U.S. gross domestic product (GPD). The national debt has never been this high in American history, either as a proportion of GDP or nominally.
According to a Dec. 19, 2022, report by Penn Wharton Budget Model, the national debt is projected to rise to 225 percent of GDP by 2050 and keep increasing thereafter.
“Current U.S. fiscal policy is in permanent imbalance as current debt plus projected future spending outstrips future tax revenue,” the report reads.
“Achieving fiscal balance would require the federal government to permanently increase tax revenues by over 40 percent or reduce expenditures by 30 percent or some combination of both.”
The report cites “total skill-adjusted adjusted labor input” as a “key productivity measure” that’s critical to government finances. This metric is predicted to fall by more than 50 percent in the next three decades.
The total skill-adjusted adjusted labor input measures three types of important workforce data: changes in population size, labor force participation, and relative wages.
Debt Consequences
The massive $31 trillion debt can result in serious negative consequences for the U.S. economy. In an interview with the Washington Examiner, Brian Riedl, a senior fellow at the Manhattan Institute, said that U.S. debt is going to exceed even Japan’s debt, which is the “largest debt as a share of the economy in the entire industrialized world.”
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If the debt levels go out of control, the United States could end up being unable to meet its debt obligations. This can spook investors, cause interest rates to rise, push up inflation, and trigger a recession or depression.
To prevent a default, the government might even consider raising taxes sharply or cutting back on spending significantly. If the administration resorts to money-printing, this also adds to the risk of inflation.
“The real danger is if they wait 10 or 15 years, seeing the debt really grow to an uncontrollable level, and then have to do drastic and brutal tax increases and spending cuts that will cause a lot more pain,” Riedl said. “If they do it now and do it right, I think that the economic pain can be minimized.”
Article cross-posted from our premium news partners at The Epoch Times.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
