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The National Debt UPDATE

 

The Federal Reserve Building

 

THE NATIONAL DEBT

 

How much the U.S. government owes is called the National Debt and to no one’s surprise, it grows larger by the day.

Actually by the second.

For a sobering look as to just how fast and how much, check out the website www.usdebtclock.org.

Our debt is about to hit 29 trillion. This is what we spend (and are spending) that we do not take in from taxes and other revenue sources.

That stunning figure does not include our unfunded liabilities, which are debts we are on the hook for but are not yet due (like an end of the month payment at mid-month).

Unfunded liabilities can only be estimated and by estimation, they stand at 157 trillion by that same U.S. debt clock. Other figures tossed about double that. Like I said, it depends on how one figures it.

It took about 200 years for the U.S. to amass its first trillion in debt. Now we borrow that much debt every year. That is the power of compounding. It can help you when saving money but bite you in the you-know-where if you are on the borrowing end.

Just how much is a trillion?

Measured in time, 1000 seconds is about 17 minutes. Sit down for a million seconds and you can resume standing up in 11.5 days.

Repeat the same exercise for a trillion seconds and you wouldn’t be there anymore, and probably neither would anything else. A trillion seconds ticks off in 31,688 years.

Imagine that.

Well actually, I can’t.

But the over spenders can. Or maybe they can’t. Because if they could, maybe they wouldn’t spend that much.

Think again.

The current spending figures for the CoVid bailout is about 3.5 trillion dollars. Measured at a dollar a day it stands at about 110,908 years.

This does not include another 1.9 trillion in additional spending proposed in the next bill from Washington.

Do we want it to pass?

Guess that is a matter of opinion right? (And no, I am not giving mine).

Considering the amounts, we can assume it is a foregone conclusion the U.S.will never pay off its debt. With 29 trillion on the hook, it’s literally impossible. Too bad for those creditors, which by the way includes American taxpayers.

Reminding everyone about the additional unfunded liabilities, (that figure again is 157 trillion), in years that amounts to “E”, also known as error, as that is what my calculator says when I attempt to arrive at a total.

I’m not real good at carrying zeros so hence the reason I list an “E” as an answer. Whatever my calculator says, it basically should say “N” for never.

With a number so large, does it really matter how much we owe?

In the words of Former Vice President, “deficits don’t matter”.

My opinion is that “deficits don’t matter, until they do”.

If deficits don’t matter, why have deficits brought countless countries to their knees at the moment they did matter?

Better said, deficits don’t matter, until they are large enough, then they will.

The question then becomes how large can the U.S. deficit become before the “it matters” moment arrives.

No one knows. What we do know is that moment will arrive eventually. It approaches nearer and nearer with every dollar we spend. 

What will happen when the “it matters”’ moment arrives?

We have countless examples throughout history to draw from:

Inflation gradually accelerates long before the “moment” arrives. Rapidly accelerating inflation will be the next canary in the coalmine. Next will follow rising interest rates, first purposely raised by the monetary authorities, then they will rise on their own uncontrollably. The public bond market will start to convulse and bond auctions (the public markets where debt is sold) will begin to fail. This occurs because interest rates are rising so fast, debt buyers will not commit funds to a fixed interest rate product because rates are rising too fast. The final straw will be lack of confidence in the currency in question, and then, basically, all hell breaks loose.

When the currency has its “Mexican Peso” moment, you can imagine how life will be. Usually governments will then attempt to make a new currency, or get a bailout from somebody. In the case of the U.S., the question becomes is any one entity big enough to bail out the largest economy on the planet?

Let’s not go there.

 

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What we do:

Marc is an experienced economic professional. For financial services click here: https://www.vantageauburn.com/marc-s-services

 

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Marc Cuniberti, award winning host of Money Matters and Money Management Radio, welcomes you to his updated website. Money Matters articles grace the pages of many newspapers and financial media. On this website, you can download any of his radio shows by subscribing on any website page. Sign up for his newsletter or learn about his opinions about the economic world around you by clicking around the site. Of course, the radio shows are the main reason the site is here, so look through the SHOW TITLES page to hear a variety of topics,one or more are certain to peek your interest and perhaps find a show(s) that apply to your particular interest or question. 

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There are many financial products in the market, and choosing the ones that best meet an individual client’s needs can be complicated.  Informed decisions about the products in any portfolio are best made after an assessment of individual needs.  Speak with Marc directly. It is that easy. 

 

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Link to services here: https://www.vantageauburn.com/marc-s-services

 

Insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably. I have access to a variety of insurance products that can help meet your security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.

  • Life
  • Medicare
  • Long-term care
  • Fire Insurance
  • Auto
  • Business
  • Long Term Care
  • Liabilty
  • Event Liability
  • Annuities for income and growth

A Word about Life insurance:

In the event of death, life insurance may offer surviving family members financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.

 

The advantages of life insurance include:

  • An instant estate for your loved ones at a time when funds are most needed
  • Death benefits that are almost always non-taxable for named beneficiaries
  • Avoid probate costs if you name a beneficiary other than your estate
  • Potentially offer your loved ones creditor protection through some life insurance plans
  • Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans

 

Long-term Care, Disability and Critical Illness insurance, Lifetime income strategies and Medicare:

Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.

Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.

Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.

Questions about Medicare? 

I can help navigage the programs.

I can also help you choose the long-term care and disability insurance products that provide advantages like:

  • May assist in transfer of assets. 
  • Help loved ones 
  • Assist with paying fixed expenses for your business if you become disabled
  • Support the buy-out of a disabled partner’s share of a business.

 

Critical illness insurance and Medicare Policies

Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.

The advantages of critical illness insurance can include:

  • Coverage for up to 22 critical illnesses or conditions
  • An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
  • Home-care costs during illness and recovery periods
  • Even if you’re not disabled from working, you may receive payment
  • The ability to provide a return of premium benefit (optional)
  • Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
  • Medicare Policies and information. Let me walk you through the best options for your situation

Contact me today to determine whether critical illness insurance fits into your financial security plan.

 

There are also new “hybrid” plans available that combine the benefits of life insurance or annuities with long term care coverage and at a cost that may be more affordable than you think. Contact me today so we can assess your needs and develop the best strategies for your specific situation to give you the peace of mind you require and protect your family and loved ones.

 

Mark (Marc) Cuniberti- California Department of Insurance License # OL34249

 

Take a minute to contact Marc directly to schedule a no obligation phone call or meeting:

 

Email: mcuniberti@vantageauburn.com

(530)559-1214

Link for services here: https://www.vantageauburn.com/marc-s-services

 

 

This website expresses the opinions of Marc Cuniberti. Past performance does not guarantee results.

Insurance Solutions offered by Marc Cuniberti and not affliated with Vantage Financial Group.