Published on Jan 6, 2015 by NextNewsNetwork
Our top story today highlights the fastest growing sector of US Government. No, it’s not the Health care departments or the Department of Homeland Security, as some might think. It’s the Federal Credit programs. The amount of money the government loans out. Think debt. The national credit amount, at it’s largest amount since any time in US History. Seven years ago, before President Obama took office, the number was 1.4 TRILLION dollars. That’s a lot in itself. It’s actually almost double what it was under the first Bush administration, just over 800 billion dollars. Now, over the last twenty years, the US has skyrocketed, handing out well over THREE TRILLION dollars in government loans, nearly FOUR TIMES what it was just 20 years ago, growing 300 percent faster than inflation. In the last two decades, the 5 years we’ve seen the largest increases in national loans have all come under President Obama’s presidency. What’s worse? Job growth, wage growth and small business growth are not even coming close to matching this kind of increase. In fact, many of these credit programs are totally unregulated, and have nothing holding them back. By far, the two largest categories that attract federal loans are housing and education. Housing eats up 58 percent of all government loans, while student loans take up 31 percent of the national credit. One of those two has already crashed in a bad way. Many critics, including Bloomberg Business, believe the student loan debt bubble could be the next to burst.