Until recently, global reserve currencies did not have the means to dethrone the U.S. dollar. But that is changing thanks to the mounting $34 trillion U.S. government debt.
This exorbitant amount accounts for more than 122% of the nation’s GDP. All the while, Washington’s unabated spending sprees continue to deepen our budget deficits and saddle future generations with crushing debt.
Despite the Constitution’s 14th Amendment requiring the federal government repay its debt, unrestrained fiscal and monetary policies curtail Washington’s ability to meet its financial obligations. On top of our nation’s debt are unfunded liabilities (i.e., future entitlement spending on Social Security, Medicare, and Medicaid) totaling $123 trillion.
Read the article in full here in The Detroit News.