To put that in perspective, imagine spending $28 million per day, EVERYDAY since Jesus walked the earth. Even then, you'd still have a trillion dollars to go…
But it gets worse. This debt does not even include unfunded liabilities, like the promise to pay out Social Security benefits to retirees. Social Security is underfunded by a whopping $50 TRILLION.
Worse still is that the Federal Reserve has the power to print money, and set interest rates. That means the economy you and I see on a daily basis is not reality.
Markets always have corrections. It is natural for sectors to wax and wane. Some years boom, and some years bust.
But the Federal Reserve has made this problem a hundred times worse. The booms are astronomical because of artificially low interest rates.
That means it is easy to borrow money, even if there isn't much real capital out there to borrow. And that means money gets wasted, placed in bad investments, or squandered and misallocated on unneeded projects.