You may have noticed the headlines in June as Congress and the President agreed to suspend the Federal Debt Ceiling, allowing the Federal government to borrow more money to pay its bills and avoid a government shut down. Within a few days the Federal Government’s debt jumped over $500 billion to $32 trillion; that’s $237,000 per working person in the country! If you’re asking yourself “Who do we owe $32 trillion to, and how will we ever pay this back?”, you’re in good company.
It seems like some of this can be fixed by reinstating the gold standard. I think government spending really went crazy after Nixon got rid of the gold standard in 1971
It seems like some of this can be fixed by reinstating the gold standard. I think government spending really went crazy after Nixon got rid of the gold standard in 1971