By Mike RuppertPublished August 12, 2018 11:30:00As the U.S. economy heads toward a third recession in five years, the nation’s $2.3 trillion national debt is threatening to rise even higher.
And the U, too, is running out of cash.
The national debt, which has climbed to nearly $18 trillion, was at $17.4 trillion as of May 20, according to the Office of Management and Budget.
But the deficit has already jumped to $2 trillion.
And with the nation in an economic recession, many economists believe the national debt could double again by 2021.
And now the debt crisis could hit a new level, analysts say.
“The U.C.I.P. is warning that the national indebtedness could double within five years,” said Benjamin Tal, an economist at Columbia University.
“And then they are going to be saying, well, how long do we have to wait before we get the debt under control?”
Tal said the nation needs to be ready to pay for the debt in five to seven years.
“I think it’s the right time to raise the national minimum wage, increase Social Security and other entitlements, get people off of public assistance and to have a credible plan for addressing the budget deficit,” he said.
“It is a way to start a conversation about debt, and the country is starting to think about it.”
We need to think very seriously about the debt,” he added.
The National Institute on Retirement Security estimates that $1.5 trillion in annual benefits are owed to federal retirees, and $1 billion is owed to state and local government workers.
The United States has the second-highest unemployment rate in the world at nearly 11 percent.
The number of Americans who are out of work has grown to more than 8 million, and a growing number of them are struggling to make ends meet.”
One in three people out of working have children.
And the number of people who have no income at all is rising dramatically,” said Robert Weiss, the director of the Urban Institute’s Program on Working Families.”
So we’ve got a serious problem in the United States of having a workforce that is increasingly vulnerable to losing their jobs.
“The federal government has promised to spend $1,000 a month on food stamps for each American who takes advantage of it.
But it’s not enough.
More than half of those who get food stamps don’t have enough money to meet the minimum requirements.
And only a quarter of those receiving food stamps have enough to spend it on anything, like rent or groceries.”
If we’re not doing this, we are going into a financial disaster,” Weiss said.
And while it’s difficult to predict exactly how much the national deficit could double in 2021, experts say the number could reach $4 trillion.”
We are going back to the brink of another recession.””
It will be an even larger crisis than what we’ve seen in the past.
We are going back to the brink of another recession.”