It’s been quite a party. So many changes began with Nixon taking us off of the gold standard, but we can see below that the biggest contributor to the growth in GDP was consumption, unfortunately largely funded with debt and inflated with increasingly devalued fiat currency. Government spending has been on an upward path, but the real culprit is that we spent our inheritance.
It is not surprising. The rule of thumb is that the first generation creates wealth, the second stewards it, and the third spends it.
we just broke 34 trillion in national debt. we have 7 trillion bonds that need to roll over this year and 1.5 of our usual debt before year end.
Then there is the unfunded liabilities.
the light blue line is looking very close to going straight up.