Debt is a “soft” form of slavery. In America today, it is not legal to bind people up with chains and force them to work for you, but that doesn’t mean that there are not millions upon millions of slaves in this country. When you borrow money, you willingly become a servant to the lender.
Sadly, there are millions of Americans that will spend the rest of their lives working to pay off their debts but they will never escape the endless debt slavery that they have gotten themselves into.
When you add up all forms of debt in the United States at this point, it comes to more than 54 trillion dollars. That is more than $178,000 for every man, woman and child in America. We truly are one nation under debt, and we have created the biggest debt bubble in the history of the planet.
Unfortunately, all debt bubbles eventually burst, and when this one bursts the consequences are going to be unlike anything ever seen before.
When most Americans think of the “U.S. debt problem”, they tend to only think of the U.S. national debt. Well, that certainly is horrifying, but it is only a small part of the overall problem.
The chart posted below shows the growth of total debt in the United States over the last several decades. Total credit market debt owed was less than 5 trillion dollars back in 1980, but now it is over 54 trillion dollars….
Our entire economy is now based on debt. We are told that we have to go into debt for everything.
Just think about it.
Most young adults start their lives by going into huge amounts of student loan debt. Young people are told that they won’t be able to get a good job without a college education, and most of them can’t get a college education without taking out huge loans.
Unfortunately, a college education just keeps getting more and more expensive. At this point, college students in the United States are borrowing approximately about twice as much money as they did a decade ago after adjusting for inflation.
So before they even start their lives, these young people are drowning in debt. Recently, total student loan debt in the United States passed the one trillion dollar mark.
That is absolute insanity.