America is on a path to fiscal ruin. America owes almost $34 trillion in debt. We have record tax revenues but we have a government that believes it can spend money we do not have. The annual interest to service the debt is approaching $1 trillion. It will only get worse from here.
De-dollarization is a fact. More and more countries are settling their debts with other countries by using their own currencies. This means that there is a diminishing need for American dollars in world trade. This means that there are fewer buyers for our debt. Regardless of what the Fed does, this means that inflation will continue to eat away at our paychecks and income. In fact, a surge of inflation will probably occur in 2024. Hyperinflation is probably just around the corner if a change in direction is not forthcoming.
We must get our fiscal house in order. Rep. Ralph Norman (R-SC) has long campaigned for this. Norman notes:
It is time to bombard our reps in Washington about the lunacy of continuing down the path we are currently on. Let them know that our support is dependent on them making the hard choices and fixing the mess that we are in.