Rich Countries Are In Trillions Of Dollar Debt.

Rich countries are in trillions of dollars of debt. And until recently, it didn't really matter. America, Japan, the UK and the European Union are all in debt up to their eyeballs. And no one really seemed to care while interest rates were low. That's different. Now, interest rates are surging and carrying trillions of dollars in debt means crazy interest payments, and that's eating up national budgets all around the world.

For more than a decade, politicians could finance their promises and pass the bill on to future generations. That must have been nice. And now with high interest rates, All of those bills are suddenly coming do politicians in America usually blame the other side for our problems? We can't do that with debt. In fact, both parties have been very irresponsible and everyone is to blame.

Now with high inflation, government spending definitely makes inflation worse, but no one is talking seriously about cutting back spending. Governments everywhere are addicted to debt. And confronting the end of cheap limitless debt is going to cause hard financial decisions to be made soon, including big budget items that nobody wants to cut, like Social Security, Medicare and national defense.

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