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

What About Silver?

There’s been a lot of focus on gold with the crashing stock market and economic chaos set off by the coronavirus economic lockdown. But what about silver? There were reasons to be bullish on silver even before the bottom fell out of the stock market. In its 2020 Market Forecast, the Silver Institute projected that […]

READ MORE →

Fed Launches International Repo Facility

In yet another unprecedented attempt to keep the air in the financial bubbles, the Federal Reserve announced the establishment of an international repo facility. The repo facility will allow foreign central banks and other international monetary authorities to enter into repurchase agreements with the Federal Reserve. According to the Fed announcement, FIMA account holders can […]

READ MORE →

Stimulus Bill Throws Veil of Secrecy Over the Federal Reserve

Last week, Congress passed a $2 trillion stimulus bill in an effort to offset the economic impacts of the coronavirus. Most people have focused on the $1,200 checks to Americans and bailouts for industries hard-hit by the economic shutdown. But the 883-page bill does a lot more than that, including empowering the Federal Reserve to […]

READ MORE →

It’s Going to Be a Rush to Gold; The Dollar Is Cooked

On Wednesday, Congress finally agreed on a government stimulus/bailout plan to battle the economic impacts of coronavirus to the tune of over $2 trillion. Meanwhile, the Federal Reserve has committed to monetize the debt with QE to infinity. Practically speaking, we’re talking about trillions of dollars being injected into the US economy – all of […]

READ MORE →

Federal Reserve Announces QE Infinity

We now have QE to infinity and beyond. On March 23, the Federal Reserve announced it will purchase an “unlimited” amount of US Treasuries and mortgage-backed securities. The Washington Post called the move “unprecedented” and said that it goes “much further than what the central bank did in the 2008-2009 crisis.”

READ MORE →

Comments are closed.

Call Now