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Rich Men North of Richmond (August 25th, 2023)

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Let's all get in the way back machine and go to December 2000, when scandal riddled Bill Clinton was waiting on the next bimbo eruption to hit on his way out of office, Hillary Clinton was plotting to steal the White House silverware and china, and Al Gore and the democrats were doing exactly what Trump is being prosecuted for now- the only difference being that Gore is a democrat (of course) and the courts allowed him standing to contest a close election.

Also, in December 2020 the debt to GDP ratio in the United States was at 50%. At that time we were one of the 5 lowest debt to GDP ratio countries in the world. The national debt was $5.6 trillion, having more than doubled from $2.7 trillion at the time Reagan stepped down in 1989.

Today, the debt to GDP ratio is about 120% and we are one of 5 highest debt to GDP ratio countries in the world. The national debt has increased by a factor of 6 times in just over 22 years and now stands at around $32.6 trillion. 

The democrat spending spree of 2021 and 2022 has added $8 trillion to the debt, or more than all of the accumulated debt in the history of the country prior to the financial crash of 2008, and that's on top of all the COVID related stimulus in 2020.

Since the debt limit deal was agreed upon in June, the debt has risen by $1.5 trillion. Debt service, or just the interest cost on that debt, will eclipse $1 trillion this year.

In the next 6 months the fed will issue about $1.8 trillion in new treasury bonds to cover the deficit. I don't have to tell you what that excess supply in the bond market will do to interest rates.

There are only two ways to reverse that scenario, and either way means the government has to run a surplus for a mighty long time- that is to dramatically raise taxes, or dramatically cut spending, or both. For the government to run a surplus it becomes likely, even probable, that the private sector will run a deficit. That's econ 101 folks, no way around it. It is also called a prolonged deep recession or depression.

But you're saying Pierce, isn't that already happening? Hasn't the average mortgage payment in America- just principal and interest- doubled from 2008, causing an affordability crisis not seen in any of our lifetimes which has new purchase mortgage applications at 28 year lows? And hasn't all the excess savings from the COVID stimulus been spent and America's consumer credit card debt now in excess of $1 trillion? And hasn't student loan debt increased 74% from 2000? And hasn't the cost of a new car increased 144% since 2000? And isn't social security the sole source of income for over a third of retirees? 

Meanwhile, the average representative on Capital Hill is a millionaire and is over 5 times as rich as the average American household. Rich men north of Richmond indeed.

So what's the plan? Does anybody know? Is there anybody really willing to talk about it? Do something about it? Where are we as a nation and society in 10 years, 20 years? Is our plan that of the Marxist World Economic Forum and UN, which is to bankrupt the lower and middle classes, then all of the industrial nations, and replace wealth with subjugation and sovereignty with a one world government of the elites? 

Unfortunately all of this is cumulative, increasing faster and faster, more and more, until there is no more wealth, no more middle class, and eventually, no more America. It is a ticking time bomb that's ticking louder and louder and by far the biggest issue of our time, by far our biggest threat, and it looks like there is no plan to either acknowledge it or address it. Like Pogo said, "We have met the enemy and he is us." 

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