It’s impossible to know where the next emergency will come from.
Disaster can strike at any time, and preparation for it might be inadequate.
But there’s definitely one looming crisis that you should be concerned about.
The Great Recession of 2007-08 was a colossal mess for the United States economy.
The recession was triggered by the subprime mortgage loan fiasco, a ridiculous policy fought for by the Democrats.
Their leftist worldview made them think it was a good idea to give high credit risk borrowers home loans despite having no income, no job, and no down payment.
It fits into the Democrats’ idea of social justice.
The subprime borrowers couldn’t keep up with the payments, and foreclosures exploded.
The entire financial system collapsed.
And some of the people who foresaw that disaster are now saying the country could be facing a worse economic crisis.
Instead of letting the economy heal on its own, Barack Obama meddled with the economy, which led to the slowest recovery in history.
Most market recoveries occur around 18 months; it took over six years for Obama’s economy to reach pre-recession levels.
But his economic interventions didn’t solve the problem, they merely put a band-aid on a bullet wound.
Donald Trump assumed office, and his tax cuts and deregulation significantly helped the economy and staved off the crisis, but it’s still on the horizon.
Market crashes and corrections generally happen in seven-year cycles, which means America is three years overdue for the next one.
And the root of the problem is spending.
Obama doubled the national debt during his presidency, which currently stands at over $20 trillion.
Democrats like to blame tax cuts for adding to the debt, but federal tax receipts increased after Trump’s tax cuts.
But the spending must be corralled.
Almost 60% of the federal budget goes to Medicare, Medicaid, and Social Security.
Defense spending—Democrats’ other favorite boogeyman—only accounts for about 15%.
If entitlement spending is not reined in, economic collapse is inevitable.
Government control and irresponsible spending is precisely why socialist countries descend into chaos.
Socialism turned Venezuela, once the richest country in South America, into a dystopian hellscape where people are hoarding toilet paper.
Government is prone to waste, fraud, and abuse because there’s no profit incentive, which causes the government to inflate the money supply.
Eventually, runaway inflation destroys the value of the currency, and all hell breaks loose.
America could be on a similar trajectory if spending cuts aren’t made.
Social security isn’t far from being completely bankrupt, so the dam will break no matter how much politicians want to ignore the problem.
Do the best you can to prepare for the inevitable economic collapse.
Don’t carry a lot of debt, and have a healthy emergency fund to tide you and your family over if the collapse directly affects you.
Politicians aren’t acting like responsible adults, so you have to protect yourself.
Meanwhile, they’re dreaming up scams like the Green New Deal to add untold trillions to the ballooning debt.
Don’t get caught flat-footed.