Twenty-eight days.
That’s how long it took to add another $1 trillion to the national debt.
Welcome to your future. Your government is spending it right now. And your children’s and grandchildren’s future to boot.
The US Treasury plans to borrow $2.99 trillion in the second quarter. The Treasury also plans to borrow another $677 billion in the July-September quarter, bringing the total fiscal 2020 debt to $4.48 trillion.
It’s a level of borrowing that’s difficult to even wrap your head around.
I never imagined I would get this much joy from going to the gym. Or that joy could so quickly turn to rage.
What is the NFL telling us about the economy?
The conventional wisdom seems to be that the economy will quickly recover once governments open things up again. But recent moves by the National Football League indicate its leadership isn’t so confident.
Everybody realizes the US economy is in a bad spot. But most people still seem to believe it will bounce right back once we deal with the coronavirus.
They’re all high on Federal Reserve fairy dust.
A = coronavirus. B = economic meltdown.
A caused B.
That’s the mainstream narrative when it comes to the economic pain we’re feeling right now.
But in reality, A did not cause B. B was in the works long before A came along.
I’m at work right now.
I’m still wearing my pajamas.
Welcome to the strange new world of coronavirus lockdown.
A lot of people still seem to think the economy will fire right back up and things will snap right back to normal when the government-imposed coronavirus lockdowns end. I don’t believe we’re going back to normal for a number of reasons – primarily because things weren’t normal before coronavirus. The economy was a big, fat, ugly bubble. Coronavirus was a pin that popped the bubble.
But even if things were normal before the pandemic, the economy still wouldn’t just fire back up and restart on a dime.
We’ve had more than our fair share of stress over the last few weeks. I think we could all use a good laugh. And I have one for you. It has to do with teeth.
Turn the key and the economy will restart.
That’s a myth a lot of people in the mainstream have peddled since governments started shutting down the economy in response to the coronavirus pandemic.
That’s not going to happen. We’re not going back to normal.
