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A Voice for Private Physicians Since 1943

Economic Health Watch: ‘Hockey Stick’ Debt

I hope that your personal circumstances are stable for the new year.

However, this graph of growth in U.S. debt is ominous. The form resembles the “hockey stick” temperature graph used to promote the extreme “climate change” emergency. The difference is that these are real numbers, while the “Mann-made” temperature graph was fabricated by Michael Mann to serve a political agenda.

The graph massively understates the problem, as it includes only the acknowledged U.S. federal debt, not local and state government debt, corporate debt, consumer debt, and the unfunded liabilities of federal entitlement programs, now being struck by the tsunami of Baby Boomer retirement.

Much of the current rapid increase can be attributed to COVID-related spending, but this may not be over—predicted new pandemics may materialize. Recent bank failures are likely just the prelude.

A “soft landing” seems impossible. Dominos could fall: the Federal Deposit Insurance Corporation (FDIC), your underfunded pension fund, your financial assets—plummeting in value or frozen or appropriated by failing financial institutions.

All prudent Americans need to be aware of the country’s financial status, and prepare in advance as much as possible to meet critical needs of their families, including reserves of food and medicine. Keep in mind that most drugs, including antibiotics, are made in China.

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