U.S. faces severe economic decline and growing debt crisis

The U.S. economy is facing serious challenges, according to an article that highlights alarming economic trends. The author, Michael Snyder, argues that the country is addicted to debt and that this issue has been developing for decades. He points to seven surprising charts that illustrate the worsening financial situation. First, government spending has increased dramatically over the years. It is now about 14 times higher than it was in 1980. This spending has risen significantly since the pandemic. Next, Snyder notes that the national debt is a staggering $36 trillion, which is much larger than previous decades. Despite some budget cuts, this debt continues to grow rapidly. Household debt has also skyrocketed. It was under $2 trillion in the mid-1980s, but now it exceeds $20 trillion. This shows that not only the government but also American households are in deep financial trouble. Additionally, total debt in the U.S., which includes government, business, and consumer debt, has surpassed $100 trillion. This highlights a major dependency on borrowing. The unemployment situation is also concerning. More than 100 million U.S. adults are considered "not in the labor force," indicating a rising number of people without jobs. Gold prices have surged as well. This usually happens during times of economic uncertainty, signaling fears about inflation and financial stability. Snyder warns that if these trends continue, a major economic crisis could be on the horizon. Many people are not fully aware of the depth of these issues. He calls for greater awareness and action to address the growing debt crisis in the U.S. Before changes can happen, there needs to be a wake-up call for the public.