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Long-Term Care Planning

The National Debt, Explained: Yikes [Video]

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We hear a lot about the national debt. In the United States, the government knows way more than $20 trillion. Yikes. And while this number is huge and scary, and more money than any of us – even Jeff Bezos and Bill Gates – will ever see in our lives, it doesn’t matter that much.

The national debt is usually rising

The government always spends more than it takes in, and that speaks volumes about our problem. We have a difference between what we owe and our economy’s size: GDP or gross domestic product. If the ratio between what you owe debt and GDP is upside down – like it is here in the United States and around the world – that’s not great. Right now, our debt is way bigger than the size of our economy. And that’s worse than the Great Depression; the last time that ratio hit a peak was way back after World War II. 

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Long-Term Care Planning

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