$57,200,000,000 Added to US Debt in Four Days As Billionaire David Rubenstein Issues Warning on America’s Economic Future

The amount of total outstanding public debt on America’s balance sheet is soaring.

Newly updated numbers from the government’s FiscalData platform show the country’s debt has surged by $57.2 billion in just four days.

After surpassing the $32 trillion mark on June 16th, the total debt accumulated by the US has already jumped an additional $590 billion as of July 20th.

In a new interview on Bloomberg TV, billionaire investor David Rubenstein says the US can only manage its ever-increasing pile of debt with inflation, which will further expand America’s income inequality gap.

“When I left the White House under President Carter, the total indebtedness of the United States was under $1 trillion or roughly $800 billion. Now it’s roughly $32 trillion. There is no way out of that except essentially inflating your way out. We aren’t going to cut expenses in the government. We are going to increase tax that much. We aren’t going to go to a bailout. But the IMF, that’s not realistic. And we’re not going to default. The only alternative is to inflate your way out. So we’re going to inflate our way out, and that’s not a good problem for people at the lower income parts of our society as they deal increasingly less well with inflation than wealthier people do.

Rubenstein says America’s economic fundamentals are setting the stage for a mounting clash between those who have wealth and those who don’t.

“The biggest concern overall is that the clash between the haves and the have nots. In the Western world, the clash is going to be between the older people and the younger people. The older people are living longer and longer, but the retirement benefits are not really going to keep up with what they expect or what they need. And the younger people are going to have to say, ‘we don’t want to work that much harder just so you have a better retirement.’

So you’re going to have Social Security in the United States, for example, not being adequately funded. You’re going to have other endowment programs that are not adequately funded, and the result is going to be more and more people are going to be fighting between a clash of age groups, you could say. The haves who are working hard and want to make more money for themselves and the have nots, who want more money to be given to them for the retirement purposes that they need…

In the United States, we’ve seen income inequality increasing over the last ten, 20 and 30…