New York, NY (PRWEB) September 24, 2012
According to Michael Lombardi, lead contributor to Profit Confidential, in 2007, the U.S. national debt stood at $9.0 trillion; he reports that in the last five years, this number has risen to $16.0 trillion—an increase of $7.0 trillion. Looking at the dire state of the U.S. economy, Lombardi states that it is highly likely that the U.S. national debt will continue to rise, bringing the country that much closer to a financial crisis.
In the article “The Debt Time Bomb Clicks Higher: Sailing Past U.S. National Debt Milestone of $16.0 Trillion,” Lombardi notes that if taxpayers are the only ones who will be accountable for the $16.0 trillion of U.S. national debt, then each American taxpayer owes a little more than $140,000..
“…the U.S. economy is following the path of the eurozone countries,” Lombardi points out. “Don’t believe for a moment that the U.S. can never reach the level of the crisis now being experienced by the eurozone countries.”
Lombardi also notes that the U.S. national debt limit is set to $16.4 trillion, but that limit keeps getting increased.
“Sure, debt ceilings are good measures to have in place, but they have proven ineffective,” claims the Profit Confidential lead contributor. “The government seems to just raise the debt ceiling because it knows that it can borrow more.”
While Lombardi believes that the more-than-ready central bank will print money as needed to buy government debt, thereby allowing the government to cover its obligations, he reports that long-term, this practice will destroy the U.S. dollar and do little then to help the economy.
Considering all of these points, Lombardi reasons that the debt problem is here to stay: “Unfortunately, the underlying structural issues within the U.S. economy are still the same,” he concludes. “The debt time bomb keeps ticking with no end in sight.”
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.