“In 1992, I read Bankruptcy 1995: The Coming Collapse of America and How To Stop It, by a captain of industry, Harry E. Figgie, published by Little Brown and Company. Now, 29 years later, as our national debt is soon to reach $30 trillion, we should re-consider many of Figgie’s observations. Here are the notes and excerpts that I extracted from the book:
Harry Figgie, here and for all that follows: Within two to four years, the United States, for all practical purposes, will have spent itself into bankruptcy. Interest on the national debt will become the largest item on the federal budget, and the government will have to spend more to make its interest payments than it will collect in taxes.
The federal government’s deficit, will soon be an amount un-repayable or controllable.
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Suppose you earn $50,000 annually, and you are in debt for $450,000. “Are you broke at that point? Technically, no, but you sure have a serious problem, and so do your creditors, since you won’t be able to make your payments.” Soon, the U.S. won’t even be able to afford the annual interest payment on this debt.”