88% Chance Of Debt Crisis? Ripped From The Headlines, April 2, 2024
City Of Houston Broke W/ $1B From COVID, CBO: US Debt Unsustainable, US Electric Grid In Danger - Read, Share, & Subscribe - SherlocExposes.com
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“Democratic Mayor John Whitmire said Houston is ‘broke’ at a City Council meeting last week, offering tax hikes and a 5% spending cut to combat the city’s deficit.
‘I think we can all agree on that, we are broke,’ Whitmire said at the meeting, according to FOX 26 Houston. ‘This gives us a chance to discuss the financial picture of this city. It is broken. It was broken when I got here.’
Former Mayor Sylvester Turner left his position in January, claiming he was leaving the city with a $420 million budget surplus. However, Houston has been spending more than it brings in, resulting in a $160 million deficit, the local outlet reported.
‘On an annual basis, we are spending somewhere between $150 million and $200 million more than is coming in,’ Chris Hollins, the city’s comptroller, told ABC 13.
The budget surplus reportedly came from $1 billion in federal COVID-19 relief funds, which Turner used on city expenses.
While Houston grapples with a looming budget deficit, Texas, which does not have a state income tax, as a whole is enjoying a $32.7 billion surplus from 2023 and continues to lead the nation economically.”
THINGS TO PONDER:
What’s really going on here?
This isn’t just Houston… several American cities are either crying broke or are on the edge of some type of financial implosion…
Click Here to see the top 10 cities on the brink from Truth In Accounting.
What do they have in common?
They all seem to take in a TON of your money, but always end up not having enough money to operate soundly… always “running a deficit…”
If any of us ran our households like these cities were run, we would be put UNDER the jail… quickly.
This is happening because We The People haven’t been paying attention to the people that we select to represent us…
And when we don’t, the worst in all of them comes out…
You need to be paying attention… your city might be next.
Know Your Foe.
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“The Congressional Budget Office warned in its latest projections that US federal government debt is on a path from 97% of GDP last year to 116% by 2034 — higher even than in World War II. The actual outlook is likely worse.
With uncertainty about so many of the variables, Bloomberg Economics has run a million simulations to assess the fragility of the debt outlook. In 88% of the simulations, the results show the debt-to-GDP ratio is on an unsustainable path — defined as an increase over the next decade.
The Biden administration says its budget, featuring a slew of tax hikes on corporations and wealthy Americans, will ensure fiscal sustainability and manageable debt-servicing costs.
‘I do believe we need to reduce deficits and to stay on a fiscally sustainable path,’ Treasury Secretary Janet Yellen told lawmakers in February.
In the end, it may take a crisis — perhaps a disorderly rout in the Treasuries market triggered by sovereign US credit-rating downgrades, or a panic over the depletion of the Medicare or Social Security trust funds — to force action. That’s playing with fire.
Last summer provided a foretaste, in miniature, of how a crisis might begin. Over two days in August, a Fitch Ratings downgrade of the US credit rating and an increase of long-term Treasury debt issuance focused investor attention on the risks.
THINGS TO PONDER:
Ripped From The Headlines readers don’t need a million simulations to understand that just about everything is wrong with the economy for the average person…
But the fact that they did and 88% of the time we end up screwed does say something…
No matter how much you collect in taxes… if you spend more than you make, you’ll be in a deficit.
As Kevin Freeman of The Economic War Room says, all of the taxes collected from Americans stands at $2.4 trillion… our current interest on our debt is $1.7 trillion…
What happens when we hit $2.4 trillion?
NOTHING GOOD.
This is that part where we tell you to Brace For Impact.
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“US power grids are facing heightened risks of cyber and physical attacks as the election nears, according to the nation’s top reliability regulator.
The increased threats come from state-backed hackers as well as the type of physical assault that happened at North Carolina substations in late 2022, said Jim Robb, chief executive officer of the North American Electric Reliability Corp., which sets federal standards.
‘We are anticipating a fairly active year on the security front,’ Robb said at an Electric Power Supply Association conference in Washington on Tuesday.
THINGS TO PONDER:
Easy and straightforward: You are being conditioned to accept the failure of power grids in the US as “normal because people are out to get us.”
Let that sink in for a minute…
Then, note there’s been no tangible discussion about protecting our power grid from the people who are tasked with doing that…
Tighten your tinfoil hat!
It’s not a conspiracy theory that we’re in for a bumpy ride…
GET PREPARED.
Brace For Impact.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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