The US National Debt CRISIS is SPIRALING out of control

The national debt in the United States is steadily increasing year after year, finally reaching a historic level. This situation is concerning, with a fast-paced growth at a rate of a staggering $1 trillion accruing to the national debt every 100 days. The recent total in January of this year was a record-breaking $34 trillion.

What’s going on with this immense amount of debt? On today’s show, we’re going to talk about some of the main factors brewing behind the scenes. This massive amount of looming debt proves a serious lack of financial responsibility within the US government, including skyrocketing spending habits that will have serious lasting effects for the American people for decades to come.

Outside of that, one of the main factors that has contributed to this massive amount of debt, and especially the rate at which it has grown, is pandemic-related spending. Gobs of money were thrown at the problem, from vaccine development to grants and subsidies, economic impact payments, funding for healthcare, and so on…

Another issue that has amassed tons of debt in recent years is immigrant support. That’s right, the US government is spending taxpayer money on housing, food, and transportation for immigrants who enter the country illegally. If you haven’t seen my video on what’s going on with illegal immigration in this country, you’ve got to watch that one to get some more context. We’ll link it for you right here.

And of course, we can’t forget that billions of dollars have gone to fund war in Ukraine. While sending aid to foreign countries isn’t anything new for the United States, the amount sent to Ukraine far exceeds any other recipient. The Biden administration & the US Congress have allocated about $75 billion to aiding in conflict in Ukraine. It’s jaw dropping.

Politicians cannot agree on a way to tackle this mountain of debt. Plus, both parties are unlikely to cut funding to programs or hike up taxes – because at the end of the day, they’re all looking to get elected. It’s futile to point fingers, as both parties have ultimately contributed to the issue, and both should take responsibility for finding solutions.

As for the people, I always say, if you want to stay afloat in today’s economy, you’ll have to learn how to protect yourself and your wealth from external factors. It’s more important than ever to think about ways to reduce your overall tax burden and to begin building generational wealth for your family.

The best ways to do this include buying real estate. Rental properties are inflation proof assets that will always provide income. And best of all, investing in real estate offers many great tax benefits – this will protect you if your elected officials decide to ramp up taxes in order to increase the country’s income. If you’re interested in what we do at Morris Invest, you can click the link in the description box to schedule a free call. We can help you decide if rental real estate is a good fit for you.