The U.S. debt limit is the maximum amount of money that the United States government is authorized to borrow by law. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.
The debt limit has been raised more than 80 times since 1960. In recent years, the debt limit has become a political issue, with Republicans and Democrats often deadlocked over whether to raise it.
If the debt limit is not raised, the government will not be able to borrow money to pay its bills. This could lead to a government shutdown, as well as a default on U.S. debt. A default would have a devastating impact on the U.S. economy and financial markets around the world.
This year, the U.S. government ran up against its legal borrowing limit of $31.381 trillion. This brings me to the point of this post. We are told that the richest man in the world is worth roughly 200 Billion dollars and on any given day that might be Bernard Arnault, Jeff Besos, or Elon Musk, Warren Buffett, or Bill Gates [Job 1:3]. How is it that we don't have a Trillionaire yet? I think that we have one; however, he has been hidden from the world. I mean, who owns all of that $32 Trillion dollars of US Debt? Someone has to own it and that person is the richest person in the world. I know some of you are thinking that countries like China, and Saudi Arabia own most of the US Debt; well, that still leaves Trillions of dollars of debt that has to be owned by a person, a Trillionaire. watch youtube video about my free ebook: Download my free ebook:
