Proof The Bible Is True

04/27/19

The spiraling US government debt is apparently much higher than the official figure of $22 trillion. The indebtedness of the American financial system has now reached $72 trillion, according to the numbers compiled by the US Fed.

 

The higher debt estimate includes corporate borrowings, consumer loans along with debts being added by state and local governments.

 

Over the past 40 years, the US Treasury has been borrowing at a rocketing rate with the state debt soaring from less than five trillion dollars during Ronald Reagan’s presidency, to $29 trillion when George W. Bush took the helm. The figure nearly doubled prior to the last financial crisis, having reached $54 trillion. Since then, the sovereign debt of the world’s biggest economy has increased by another $18 trillion.

 

 

Read More: Every man, woman, child owes US $220,000 for America’s crippling debt — Society’s Child — Sott.net