Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Merry Christmas from Uncle Sam — You Got More Debt!

  by    0   1

Between Christmas 2017 and Christmas 2018, the US government added a staggering $1,370,760,684,441.54 to the national debt, according to Treasury Department figures.

If you split that up between all American, your share of Uncle Sam’s 2018 spending spree comes to about $4,178.10.

Merry Christmas!

You’re welcome.

CNSNews.com came up with that figure by dividing the Christmas-to-Christmas debt increase by the latest population estimate from the US Census Bureau (328,082,386). In order to pay off the increase in the national debt, each household would have to pony up $10,743. And when you consider that only 55% of American households pay income tax, that number climbs north of $19,500.

Of course, this doesn’t include all of the unfunded liabilities such as Social Security and Medicare. When you factor them in, the total national debt eclipses $200 trillion. That number is so big, it’s essentially meaningless.

So, what is Uncle Sam doing to address his debt problem?

Absolutely nothing.

The current administration is blowing through cash just like the previous administration. And the one before that. And the one before that.

Through the first two months of the 2019 budget year, the US budget deficit totaled $305.4 billion. That’s a 51.4% increase over the first two months of fiscal 2018. So far in fiscal 2019, revenues are up 3.4% over last year, coming in at $458.7 billion. But Uncle Sam has spent $764 billion over that last two months, an 18.4% increase over a year ago.

As an article at DollarCollapse.com put it, all political roads lead to massively higher government spending.

“Republicans – the party of smaller government – gained control of the White House and Congress in 2016, and proceeded to take a meat ax to bloated entitlements, lowering the government’s share of the economy to levels not seen since the Reagan years.

“Just kidding. They tried to eliminate the newest entitlement, Obamacare, but failed to produce even a coherent proposal. So instead they cut taxes, expanded the military and left everything else on autopilot. Now, nine years into a recovery with official unemployment below 4% — and with the small-government party in charge … it’s possible that the annual deficit will top $1 trillion this year.”

This should come as no shock. For nearly the last century, there has been an undeniable, dramatic trend upward in government spending in real and in nominal terms. In fact, since 1940, average yearly federal spending has increased during every single administration – whether Republican or Democratic Party.

Politicians in both major parties act like this can just go on forever with no consequences. So, they just keep kicking the can down the road. The problem is at some point you run out of road.

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Study Shows You Need More Silver in Your Portfolio!

Do you have silver in your portfolio? You should! According to research by Oxford Economics, investors would benefit from an average of 4 to 6 percent silver allocation within a diversified portfolio. This is far below the average investor’s exposure to silver.

READ MORE →

Atlanta Fed Lowers Q3 GDP Growth Forecast Close to Zero

The Atlanta Fed has lowered its GDP estimate for the third quarter to 0.3%, and the trend is downward. That means the economy is teetering on the verge of another quarter of negative GDP growth. Would that be enough to raise recession alarms?

READ MORE →

Fed Rate Hikes Will Add Trillions to National Debt

Federal Reserve rate hikes will add trillions to the national debt, according to an analysis by the Committee for a Responsible Federal Budget.

READ MORE →

Chinese Gold Demand Appears to Be Picking Up Again

Gold demand in China showed renewed strength over the last two months despite scattered COVID-19 lockdowns. Both gold withdrawals from the Shanghai Gold Exchange (SGE) in August and gold imports in July were up. China ranks as the world’s number one gold consumer.

READ MORE →

Some Things Never Change: US Government Runs Another Big Deficit in August

Some things never change — such as the federal government spending more money than it has month after month after month. August was no different. The US government ran a massive $219.6 billion budget deficit last month, according to the latest Monthly Treasury Statement. That nudged out July as the second-largest monthly deficit in fiscal […]

READ MORE →

Comments are closed.

Call Now